Many businesses will have seen a reduction in activity as a direct result of the COVID pandemic. Assets and resources previously fully employed now lie idle or are under-utilised.
In this post today we have listed a few ideas that may help you create new income streams from these resources. For example:
Premises
Do you have storage, office or shop-floor space that is empty? If your lease or landlord is willing to sanction this idea, why not sub-let to businesses that need more space but may not want to commit to a long-term lease or outright purchase?
In this way you can recover costs that would otherwise be a continuing drain on your profits.
Vehicles
If you have vehicles that are no longer fully employed in your business, rather than selling them, and then being obliged to buy new vehicles when your activity levels recover, why not lease these resources to businesses that need them for short periods.
This will help you fund fixed running costs, insurance and road fund tax, and when your business levels return to normal, you will have assets that can be returned to internal utilisation.
Staff
When the furlough scheme comes to an end at the end of September 2021, many businesses will face the unwelcome task of considering redundancy.
If you are in this position, could you consider retaining staff but hiring them out for a short period until trade improves and yo0u can bring them back in-house?
In this way you can keep teams together, long-term, and if you organise appropriately, provide team members with a useful outsourced training experience.
We can help with planning
Please call if you would like to discuss the possibilities of making use of these or other under-utilised resources for your business.