Image courtesy of Richie Walker
Image courtesy of Richie Walker

Many small businesses are struggling at the moment, but there may be more that they can do in order to make a bit more money. Obviously getting more income in and spending less will increase profits, but there are often small tweaks that can be done which will improve things without having to make big changes and they can make a big difference.

Firstly consider whether you need an accountant. Although it is wise to keep your books yourself so that you know exactly what is coming in and going out, it may be wise to have an accountant. This only applies of you are making enough money to pay tax. They will be able to check that you are claiming for everything that you can claim for. They may be able to give you ideas of things to claim for that you have not been, which could save you a lot of tax. Alternatively, if you do not pay ta and you have an accountant, think about whether this is really necessary and whether you can manage the job yourself.

If you have a lot of stock hanging round, then you could do with thinking of a way to shift it. It may be time to reduce the price, bundle it up, sell on auction websites or do whatever you can to move it on so that can make way for something new. Even if you sell at a loss it could be better than having it making you nothing at all. Of course it depends on whether you think there will be a future market for the items if you hold on to them or not, but it could just be time to move on. It is worth thinking hard about whether you are just holding in to it because you think that there is a small chance that it will sell in the future or whether there really is a potential market that you need to harness.

Cutting back on spending is something that should be looked at regularly. It can be easy to start overspending in a business on many different things. Staff, advertising, stationery, phones, travel and many other things are so easy to spend more than necessary on. If you take a look at your expenses each month, you should be able to see what the most money is being spent on and whether it is necessary or not. Cost cutting may seem like it takes too much time, but it is worth it, particularly if you can cut something each month. Spending can be fun, but spending the businesses money is like spending your own salary, so you need to make sure that you keep it to a minimum. Try to use things up, buy the cheapest that you can and make sure that every bit of money that you buy for the company will give you some return. It may make you feel a bit mean, but it will be worth it when the profits are higher and you can reinvest in the business and help it to grow.