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5 ways your business can make more moneyNo matter if the economy is great or sluggish businesses are always looking for ways to make more money.Successful business managers will implement several options that can diversify their income stream.This is especially true in tough economic times.Businesses that survive an economic downturn are the ones who understand that the key to successfully increasing your business income is to be sure the cost of diversifying is not making the profits negligible or nonexistent. The key to being able to do this often resides in a manager's ability to think outside of the box. Here are 5 ways that your business can make more no what the economic climate currently is-
1. Rent out part of your business premises-You may need to ask yourself if you own or lease physical business premises, do you really need all of your current space? If you do not you can make more money by renting out some of your space to another business. This is especially true for a lot of small businesses that only need a corner or a kiosk. You may even have an unused room that another business could use as office space. Keep in mind that you can make even more money from your rental space if you are able to throw in some add-ins, such as shared secretarial services or computer workstations. The bottom line is that your business premises, your intellectual property, your products, your services, your customers, your employees are all assets that may or may not be producing as much income for you as they could. With some creativity and planning you can maximize the income potential from these aspects of your business and keep your company running not matter what the economic situation. Often the ways our business could make more money are right in front of us; we just have to recognize them. |
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