Although this winter has been long and difficult, spring is coming. Along with it comes a sense of renewal small business owners should embrace to give their companies a highly beneficial seasonal review and refresh. Doing so gives entrepreneurs a chance to reassess their goals, evaluate their financial picture and look for ways to increase their company's profitability. Here are four different ways in which your company can benefit from a good spring cleaning.
Go green to reduce costs
One effective way for small business owners to boost their bottom line is to reduce their energy costs by going green. Replace outdated, energy draining office appliances. Go paperless. Install energy efficient LED light bulbs. Get a smart meter installed so you can keep a close eye on your energy usage and eliminate estimated billing from your electric company.
Analyze your cash reserves
Spring is a great time to take stock of your cash reserves and make changes if necessary. If your reserves are low, consider liquidating old inventory, replacing your landline with a VoIP system and leasing rather than buying new equipment to loosen up your cash flow.
Look into a better location
The rental or leasing fees for your retail space is probably one of your company's biggest expenses. As such, relocating your business to a new property that is more affordable and is situated in an area that sees a higher level of consumer traffic would greatly benefit your bottom line. Keep an eye out for smart metered properties, as they will allow you to save money by eliminating estimated energy billing.
Do some actual spring cleaning
Given all the work that goes into maintaining a second successful small business, it's not uncommon for small business owners to realize one day that their brand has gotten stale. As such, it's a good idea to give your retail space a new coat of paint, reorganize the layout a bit, declutter your office space and even refresh your signage to project an image of vitality and vibrancy.
Revitalize your web presence
Just as it's important to give your physical space an update, it's equally critical to freshen up your web presence on a regular basis. As an increasing numbers of consumers do the majority of their online shopping on mobile devices, companies that have websites that are laborious to navigate will be left behind. A mobile-centric website redesign is a short-term expense that will pay off in the long term.
This article was written by Mario McKellop for CBS Small Business Pulse.
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