You know that feeling of reaching into a pocket and finding a $20 bill you forgot you had? What if you could multiply that happiness and apply it to your business?

Small business owners are in tune with every financial facet of their brand, but even under the most watchful eye there can be hidden money waiting to be claimed. With a few minor tweaks, you may be able to bring in some extra money you didn’t even realize was available. Take advantage of these strategies, then reap the benefits.

Rethink employment benefits- Sometimes you have to spend money to make money, and investing in employee satisfaction is one way to reduce unnecessary spending in the long run. Less turnover also means less time (and money) spent hiring and training new team members. Happy employees make happy customers, so invest wisely in those representing your business.

Rethink upselling- Here’s an area that many small businesses either neglect altogether, or miss the mark and therefore miss profits, too. A loyal customer base is a solid foundation- in fact, previous customers are five times more likely to buy than a new one. Train your sales team to seek new ways to promote additional merchandise and services to existing clients. It may be just the nudge needed to jumpstarts sales in a new category.

That’s not to say you shouldn’t be actively trying to attract new business either. Any new lead is an opportunity to expand your clientele. Create a database to keep track of contact information for company news and promotions. Beyond upselling, you’re fostering new relationships which will increase sales in the long run.

Rethink partnering- You know what they say, "teamwork makes the dream work." This is applicable beyond your own business. Consider similar services or suppliers that would make strong partner brands to expand your reach. As long as these partnerships don’t cause you to accrue additional spending, it’s a win-win for all parties involved.  

Rethink social media- Utilizing several social media platforms to attract new customers and promote your business is one of the most cost-effective (sometimes even free) marketing strategies. If you’re not actively engaging with an audience on social media, you’re missing out on valuable opportunities to grow.

Also, consider additional forms of communication through blogging and newsletters. It’s a great way to keep customers in the loop and maintain personal connections even when you’re not face-to-face all the time.

Finding extra money within your existing business structure is more plausible than some might think. Reprioritize your investments, spend wisely, and incorporate creative ways to save- your bank statements will thank you.

Do you have more questions about finding extra money in your small business? Contact us! We’re always here to help.

Katie Robinette 

Co-Founder