Getting your business off the ground is half the battle—keeping it running and growing is equally as important! Once your business is turning a significant profit, reinvesting your extra cash back into your business allows for growth while maintaining a steady income, essentially negating expenses. What you reinvest in may be a concern of yours, determining what to prioritize that will return the most profit. The following are some aspects of your business that will prove high reward if invested in.
Spend More on Marketing
Marketing is the only way for your company to get their name out to the audiences you want, in the way you want it to be perceived. The better you can tailor your advertisements or incentivize your products and services for an audience, the better chances you have of connecting with customers and thereby gain or increase sales. Look into various mediums of marketing: social media, physical advertisements in high trafficked areas like public transportation hubs, emailing, events, etc. Anything that gets your name and vision out to more potential consumers is worth the money spent—you will see a clear positive correlation between successful sales and quality marketing investments.
Redesign Your Website
A professional looking and functioning website keeps users on your page for longer periods of time. Interactive elements, aesthetic creativity, interesting content… all of these things can draw users in on their first visit; if they spend enough time on that first visit, they will be more inclined to revisit later. Clean it up and make it cool! Improve the accessibility. Figure out what your target audience enjoys. Spend the funds to get professional graphic designers and programmers to create a website that is easy to use (and easy to run, for your sake.) Include information on your history, your purpose and vision, customer reviews, anything that promotes your product. This is an opportunity for you to share details about what makes your business unique! Give that information a quality backdrop to live on.
Upgrade Your POS System
Point of sale (POS) systems are the most straightforward way to organize and record sale information for both the buyer and the seller. This means it collects data quickly and frequently, and over time those systems are going to be overflowing with data that slows the system down and makes it more vulnerable to malfunctions. In addition, the physical frequent usage of the technology results in some unavoidable wear and tear. Updating your POS system software and hardware is a necessary “repair,” so to speak, of the machinery that keeps your business’s sales records tracked efficiently. Look for software updates published by the manufacturers or programmers, and take the technology in for any necessary replacements (touch screens, key pads, chip readers, etc).
Make Improvements to the Property
Your company building may need some “TLC” as well. Look at areas of your business that might need some upkeep or maintenance work, or could just be updated to prolong the life of the surface, appliance, or machinery in question. Entrances, bathrooms, ventilation and parking lots are often overlooked in maintenance, so take some time to look into how you can improve or repair these areas for improved safety and quality. For example, color on pavement breaks down under enduring UV rays, causing the paint to fade over time. To prevent this, invest in water-based sealers which give better UV protection to your paving. This protects the longevity of paint lines in parking lots or directional guidance around your building.
Employees are really the only way you can realistically expand or grow your business—they are the means of production or service, the expansion of your own vision. With extra money to utilize, you can hire more employees with higher qualifications, even offering higher pay (and therefore higher incentive for good work). You may also consider spending more money on recruiting efforts in order to draw in the best candidates that have a real desire to be a part of your company and its vision, with the added assurance that they will be a benefit to you because of their experience and qualification.
Invest in Your Own Growth
As a business owner, you should grow with your company in your understanding of the market in which you work, the new strategies and new means of expansion available to businesses, and new ideas for product promotion. Look into classes, lectures, specialization certifications, anything that will help you be a more effective business manager. Gain knowledge that you can implement into your business plan.
Increase Your SEO
If you want your business to really have a presence on the online “map”, you need your websites to have high search engine optimization (SEO). This guarantees that, if a consumer looks up something in a search engine, your website will be one of the first options to be explored. Improving SEO requires connection and content on your webpages; connection between your page and others in related fields, and content that teaches or describes or encourages a person to engage with or interact with the vision of your company.
Relationships with Outside Businesses
Another way to broaden the reach of your company is to partner with other companies, companies that can support you and endorse you (and you, them.) If you can foster relationships with businesses that aim for similar audiences or have similar visions as you, each of your companies can mutually benefit from the increased exposure to each other’s clients. Create a budget with your extra cash to be used in networking with other businesses. Suggest joint-promotional deals that will up your brand recognition. Sponsor local community events to demonstrate your connection with and dedication to the community. Create a strong rapport with companies so that your name is spread in a positive light in professional as well as casual settings.
Each of these options—advertising, growth of the people who run the company, maintenance of the objects necessary to fulfill tasks, relationships with outside resources—are lucrative ways to expand and consequently increase your business’s success. Consider what may be most relevant and most beneficial to your company in your goals to grow!