Last Updated on December 16, 2022 by Selina Parker
There might be an easy fix if you find it hard to make ends meet. You are probably not finding hidden money lying around your office or home. No, the money that you are missing must be somewhere else. And seeing it will require some work on your part!
In this blog article, we’ll go over seven ways to find more money within your business so you can start making ends meet again.
Here is the summary of the 7 steps that can help you do it:
- Use credit card rewards
- Review accounts receivable
- Review the terms
- Check your expenses
- Charge your worth
- Use human capital more effectively
- Make negotiations with vendors
7 Ways to Finding Hidden Money in Your Business
1. Use credit card rewards
Every month, all companies must pay outgoing costs. If you have expenses that you can pay through a credit card with the balance paid off in full each month, a corporate credit card with loyalty reward programs can help you earn free money.
One example is a corporate credit card that gives you a percentage of everything you buy in the month. A credit card that gives you a percentage of all purchases made on sites like Amazon.com, for example, can be used for everyday office expenses like coffee or paper. This only works if you have enough cash flow to pay off your corporate credit.
2. Review accounts receivable
Who owes you money? Or do you have unclaimed money or unclaimed funds? Look at your accounts receivable to find hidden cash and unclaimed money in your business.
Is that client finally ready to pay their bill? Are they about to be acquired by another company so they can afford to take care of their debts with you now? If it is an old debt, why not ask them to pay it off?
If you find that an account has been dragging for a while, find out why. If the customers can’t afford to pay their debt when you first sent them the bill, what’s changed in their company now so they have extra money available?
You could offer a payment plan or ask if there is anything else you can do to help them pay the debt and have money coming to your bank account.
You might find that they are willing to make a payment now, but you’ll never know if you don’t ask.
3. Review the terms
What are the conditions you impose on your sales? Do your customers pay you in advance? Do they make a down payment and have 30, 60, or 90 days to settle the rest? Try changing the conditions to get more money on your bank accounts right away.
For example, they change from a payment plan that pays you in 30 days to ask for full settlement within 15 days. It could mean that your business gets an extra every month without spending any additional time or effort on finding this hidden cash flow and unclaimed cash.
It might only work if a few customers take advantage of your payment plan. If you find a way to collect from customers more quickly, make sure it doesn’t require more time on their part to settle the debt with you. You don’t want finding money in your business to cost you even more.
4. Check your expenses
Check if there are any unnecessary expenses in your budget. Are you still paying for an internet service that you are no longer using? Do you have a subscription to something, but it’s been years since the last time you had any interest in the product or service?
Cut back and find ways to reduce other monthly expenses. It doesn’t have to be an immediate cut. You can reduce costs over time as you find extra money in your business by finding hidden cash flow from other areas. Just make sure that finding those sources of income doesn’t cost more than the money they bring in.
5. Charge your worth
Some people didn’t raise their service fees for years because they feel bad about raising rates. Instead, they stayed at the same price and spent more time finding ways to work for their lower-income clients.
Don’t be afraid of raising your service fee if you are confident in what you do as a business owner! If no one is willing to pay for it, the problem lies elsewhere – not within your business model.
Raising prices may not bring in more money overnight, but you can find unclaimed money it. It’sout finding the extra cash right away if you don’t raise your rates and change your fee structure, leaving that extra income on the table every month.
6. Use human capital more effectively
Examine the talents of your team members. There may be talents and skills that you’re not utilizing to the fullest extent possible for your company. It can significantly help to find hidden cash flow in your business.
For example, if you have a team member who is especially good at finding deals for the company, why not ask them to help find better deals? You could offer an incentive or bonus payment when they bring home something that helps the business save money and make more profits by finding hidden cash flow.
7. Make negotiations with vendors
A significant cost savings incentive is obtaining a discount on the supplier’s fee for paying in full at the time of purchase. It’s no surprise that cash is king. We’ve heard reductions ranging from 5% to 15%.
If you can pay your supplier in full at the time of purchase, you will get a discount. It can be one way to find money in your business by finding hidden cash flow from other areas!
It is just an example, and each industry has its practices – make sure you do not violate any terms or conditions when trying to negotiate with suppliers for better prices.
Every year, the United States government receives unclaimed money, unclaimed property like savings or checking accounts, unclaimed insurance funds, unclaimed pensions, or other assets that have been misplaced or forgotten. Begin your search-and-claim procedure by visiting the National Association of Unclaimed Property Administrators (N.A.U.P.A.).
Finding hidden money in your business can be a slow process, but finding secret funds can give you the extra push to get there. Although it may not seem like much at first, finding money in your business will affect everything else.
Don’t forget that finding money is just one piece of the puzzle! It would help if you also learned how to manage the extra money once you have it.
Need more strategies to grow and raise capital for your business? Visit The Fully Funded Method today!
YOUR FEEDBACK WILL HELP US CREATE BETTER CONTENT IN THE FUTURE!
ABOUT THE AUTHOR
“What began as a life and career coaching services company to aide entrepreneurs through the early-stage challenges and tough transformations of starting a social venture has evolved over the years to include mergers and acquisitions, organizational consulting, and business growth advisory services to mission-driven organizations that strive to improve access to basic physiological, safety, and security needs while increasing their profit margin. Clients include founders and organizations with the purpose of addressing deficiencies in delivering quality healthcare and mental health services, sufficient employment, access to clean water and air, safe shelter, adequate food, and more.”