If you have a lathe and time then you could turn them into drawer pulls, spinning tops, tool handles (especially to replace the ugly plastic ones on files and rasps) and other items that can be easily sold at a car boot sale.
If you don't have a lathe, but you have a table saw or band saw then square them up and create turning blanks. I'm sure there are many people who own lathes but not band saws or table saws to easily make their own blanks. Squared up turning stock immediately increases the value of offcuts.
Define what an offcut is and then only keep stuff larger than this which might be useful, the problem is that no mater how much off cuts you have, how many screws, nuts and bolts you have neatly stored when it comes to wanting something you always seem to find you have everything except what you want.
This thread is very timely. I had already decided that tomorrow was the day to sort out my scrap pile, it is out of hand!
Luckily, the landlord where my workshop is has a barn full of offcuts that I can throw mine on. Every few months his brother takes it all to burn.
It's been on my bookshelf, largely forgotten, until recently.
Having had a clear-out and tidy-up of my timber store I realise I've got enough bits and pieces to have a go at this technique. It involves making a specialised sawing jig for which I'm gathering the required parts.
This page of the book gives an idea of the size of off-cuts which are useful:-
ie, at least 12" x 3" x 1/2" - just the sort of size we're reluctant to send to the wood stove particularly if it's an interesting species.
A few years ago i was working in a school as a D&T technician, one of the teachers would not throw anything away, it got to the point where we could not find anything because all available storage space was crammed with offcuts, one day i had enough & had a massive cull, sanity was restored! I go through my wood store at least once a year & have a sort out, that way you remember what you have & where it is!