Don't let your waste dictate your business development!

Is excessive waste destroying your cash flow?

Have you noticed your cash flow dipping lately? You might find that your business has got a leak, and we don't mean in the roof! The Department of the Environment has recorded that Australian businesses generate over 15.17 million tonnes of rubbish a year, suggesting a serious wastage problem.

Here are a few tips to help you beat back the waste and raise the bar for your bottom line.

1) Re-use

The old war-time saying of "mend and make do" is still applicable today. Instead of throwing out that old equipment, see what you can do to get it repaired. You might be surprised at how much cheaper it is to simply fix something than to just go out and buy a new one.

However, it's better to maintain than to fix, so make sure that you are taking special care of your assets before they fall apart!

2) Re-purpose

Let's face it; things are eventually going to break, it might be more expensive to repair than to just replace, or you might just need something more modern for your business development

However, that doesn't mean you should just throw out your old gear. You might find that your trash is another person's treasure, so ask around if there are any other local businesses that could use something a little worn but an awful lot cheaper.

And remember to keep a receipt for your tax accountant!

3) Re-cycle

If you work in an industry that uses a lot of fuel, whether it's for travel or for machinery, you might be eligible for a fuel grant – but only if you use a clean fuel like biodiesel. You have to be quick, though; the grant sign-on cut off date is the 30 June 2016. Talk to your local financial professional to see if you might benefit from a cleaner fuel grant.

To find out just how much you could be saving from finding your cash flow leaks and plugging them, talk to the small-business accounting experts at Wilson Porter today!