Deploy Assets in New Ways
One of dozens of strategies listed and linked to here:
How to Make More Money
from Your Business
By Steve Gillman
One of the more creative strategies for making more money
with your business is to deploy assets in new ways. The creativity
starts with going beyond money and employees in your defining
of assets. Time, equipment and space can also be redeployed to
either generate new revenue or cut costs--which are both good
ways to improve the bottom line.
To start with a simple example, a company might make more
money selling off their equipment, then leasing it instead, while
using the money raised for a good marketing campaign.
Space is an asset of course, and you may not be using that
with maximum efficiency. I know of an ice cream shop that rents
out their lot to Christmas tree vendors and others during the
winter months, rather than just leaving that space empty. If
you owned a furniture store and you weren't able to fill all
the space fully, you could sublet a corner to a company that
sells non-competing but complementary products, like paintings
or artificial plants. When you use an asset to produce extra
income like this from non-competing businesses, the extra revenue
is almost pure profit.
How do you deploy an asset like time in new ways? To start
with you can look at how you spend your own time and try to focus
more of it on the activities that bring in the most profit. But
you can also look at time in other contexts. For example, I know
of a bakery that sublet their facilities to a pizzeria, because
they only needed to bake between 3 and 7 in the morning, and
the pizza business only needed the hours from 11 in the morning
to midnight. They were both able to use the same ovens, sinks,
Employees are assets (they better be, right?), and there might
be better ways to deploy them. Are you overlooking the sales
skills of a worker who is busy in the back room? Is the fastest
employee doing the work that benefits most from speed? Perhaps
you could have the most frugal employee in your company look
over every expense and find ways you can save hundreds of dollar
To do this systematically, start by writing down everything
that you use to make money. Include anything you can think of,
like your car, advice from others, your sales ability, and more.
Then carefully review this list. You'll probably find some ways
to deploy assets in new ways that will boost your bottom line.
Also, check out the page: See
an Accounting Consultant.
If you liked this page please let others know with one of
Other Relevant Pages
Use Your Customer List
(The newsletter has been discontinued.)