Invest Spare Cash in a High Interest Account
You wouldn’t leave large sums of money in your bank account where it cannot collect any interest or profits, so why would you allow the spare cash in your business to go to waste?
Spare Cash for Debt or Investment?
Debt is dangerous for any fledgling company, especially so if it is a liability and not an asset. Repay debt when interest rates are high, and it’s always best to spend your spare cash on the most expensive debt first. On the other hand, debt-free gyms and fitness clubs can consider investing providers like ING Direct and Bank West who can offer high interest rates and fast access savings accounts. It may seem like an added hassle to spend an extra day at the bank, but it would definitely be a good investment in the long run.
Interesting enough, the New Statesman published that companies with overflowing cash in their pockets are now considering investing in the next generation of people working in their business. For example, Deloitte UK has begun massively hiring young people into their business as an alternative to going to university. Rather than spending the money on random Corporate Social Responsibility (CSR) programs, the company has directly contributed to the community while also benefiting from profit and costing aspect in the long term.
Alternatively, some of you might not have any spare cash at hand, but you may have large amount of money circulating in your bank account at different dates of the month (according to the debit date). This financial situation is quite common for Ezypay clients, who also enjoy our additional service of helping them deposit large chunks of money earned every few weeks into high interest savings accounts so you can reap additional profits.