Money Talks: 7 Ways To Invest In Your Business
Budget is top of mind for any business owner, but savvy business people also know you need to spend money to make money. Most business owners don’t have disposable funds on the level of a Kardashian, however, so what exactly should you be spending your money on? Below are seven ways to allocate your dollars to help to grow your business and ultimately a return on investment.
1. Water and grow your customers. As a business owner, your customers and/or leads are one of your most important assets, so spend some money to acquire new customers as well as get to know your current customer base via a combination of low and high tech. On the low-tech side, meet customers at conferences or networking events, and always follow up with leads and past customers. On the high-tech side, you can use a customer relationship management tool to keep notes on and categorize your customers or send targeted marketing emails.
2. Keep your look fresh. Any business collateral like signage, business cards, email newsletters, website, vehicle wraps, etc., should be professionally designed. Visual elements tell a story, and if something looks shoddy or is hard to read, it reflects poorly on a business. Pay a pro to make your visuals look sharp!
3. Invest in your staff. It’s important to hire competent, professional employees to represent your business, and you’ll attract the best talent by keeping wages competitive and making your business a good place to work. If employees seem overwhelmed, hire additional help. It will help retain your current employees and allow them to provide the best service to your customers.
4. Cover your…assets. Business insurance is imperative to protecting yourself, your employees and your equipment. Make sure the insurance you select adequately covers you. Don’t just go for the cheapest option to save a few bucks – you could regret it later. Likewise, don’t let vehicle and equipment upkeep fall by the wayside. Doing so can have disastrous consequences.
5. Get the word out. Don’t neglect advertising and marketing. If you don’t invest in ways to promote your business and its services, you may be missing out on potential sales or job orders. Targeted informational emails or information packets can show what you offer to new customers, and a coupon can bring in new and repeat business.
6. Don’t forget about the tax man. There’s a plethora of DIY tax prep services out there these days, but using them doesn’t necessarily mean you’ll understand your taxes any better. Sometimes it’s worth hiring a professional to work out liabilities, figure out deductions and help make sure you’re ready if the threat of an audit ever looms.
7. Keep an eye out for services that help streamline your business. It can be advantageous to invest in services that cut costs, improve service, reduce paperwork and increase productivity, allowing you to focus on your goals and your customers and not get bogged down in the minutiae.
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