Ideas for increasing your cash flow

Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to increase cash flow. Here’s a few ideas you may like to consider: If you have slow-moving or dormant stock sitting on your

Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to increase cash flow. Here’s a few ideas you may like to consider:

  • If you have slow-moving or dormant stock sitting on your storage racks, consider a sale. Anything you can convert into cash will have a positive impact on cashflow.
  • Are staff fully utilised? If not, could you offer short-term placements via employment agencies? Failing this option, do you need to consider redundancies?
  • Do you have unused storage or production space that you could rent for short periods?
  • Are your company vehicles fully utilised? Could they be hired to other firms on short-term hire contracts?

Wage earners will have other options to increase their monthly cash flow. For example:

  • Taking on a second job, albeit part-time.
  • Make a list of all those unwanted items languishing, unused, in your loft, outhouse or storage spaces and consider selling on E-Bay or similar platform.
  • Could you let out your drive 9am to 5pm to workers unable to find regular parking spots in your area?
  • Do you have underutilised equipment that you could hire out?

And earning £1,000 or under in a tax year from either renting out part of your home or selling/hiring under-utilised assets is tax free.

And finally, if you have spare rooms in your home, you may be able to rent these tax-free as long as annual rents received do not exceed £7,500 and you are resident in the same building.

If you would like to expand on any of these ideas, be happy to discuss your options. Please call.

Source: Other Tue, 11 Jul 2023 00:00:00 +0100

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