Many small businesses are sitting on a gold mine of cash that is tied up in their business in different forms.
Releasing this can often provide a much needed cash injection for a business.
What excess assets does your business have
In our experience, most businesses have excess assets of some kind. If you have been in business for a while, then you will probably have a number of assets that you don’t use any more. These could be:
- plant and equipment;
- computers and electronic items;
- tools etc
Think of any items that you are not using any more. In some cases, there may be some items that you are using infrequently and you are better off selling the item to free up cash and then just hire or borrow the item when you need it. It is all about being smart with your money.
Chances are if you have been in business for a little while, you are likely to have a number of these. Identify what they are
Think of it like a business garage sale
Once you have identified the things that you don’t have a need for, the next step is to sell them. The great thing is there are a lot of ready market places where people are buying and selling things every day like:
- Facebook Marketplace
- Local Paper
It does not really matter where you put it. You will want to put where people are going to notice it. That way they will be able to view whatever that you have and be able to pass cash onto you. You will be able to get rid of your excess assets and put a cash injection into your bank account.
How Andrew made $9000 in one week
Like one of our customers, Andrew, who runs an electrical business. When he came to do this mission in Biznostics, he discovered that he had an excess car that he did not need. He also had a mini excavator that he no longer used. He bought it for a specific job and had not used it since. Andrew was able to advertise them on Gumtree and was able to sell them for $9000. This money was otherwise just sitting around tied up and he was now able to use in his business.
Like Andrew, selling excess assets can be a nice little cash injection straight into your business. You can use it to build your business, pay some bills or even buy a new piece of equipment that you have been wanting to get but you have not had spare cash.
Always be looking at how you can use the cash in your business effectively, wisely and smartly in your business. Turn the excess assets that you are not using into cash.