Maximize Company Assets & Think Outside the Box
There are myriad ways to derive additional revenue from a company’s assets. Manufacturers with equipment and machinery can rent it by the hour, or use both as training tools for other companies and their employees. Several companies adopt this approach during slower periods of the year when customer demand drops. Some even rent their equipment and machinery to local educational institutions or colleges that help people develop new trades and skills.
Unused warehouse and office space can be rented in order to derive additional monthly income. Some companies with experienced sales and technical service professionals choose to charge consulting fees to help customers get their manufacturing up and running, or to trouble shoot certain business operations. Other companies outsource their accounting capabilities.
A company’s assets can be used for far more than their original purpose. When companies perform a return on assets analysis, they often start to think of different ways to maximize their asset utilization. The best companies are proactive and take steps to not only maximize the return on those assets, but use those ideas and approaches to spearhead new business ventures.
In fact, this approach is often the impetus companies need to expand their business and pursue new markets. All that’s required is management’s willingness to investigate additional revenue sources. This not only requires creative thinking, but the intestinal fortitude to pursue new ideas and deal with periodic setbacks. Nothing is ever guaranteed to work, but almost everything is worth a try.
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