No small business can afford to waste cash, so it can be scary trying to put working capital back into the operation. Even though money may be tight, it doesn’t mean you’re complete without options for reinvesting into your company. It’s obvious that blood, sweat, and tears aren’t the only things making your business a success.
Sometimes you must spend money to make money. Just be sure you are using money wisely. Here are some suggestions of ways to invest in your growing small business.
1. Get Automated Tools
By investing in automated online ordering and payment solutions, you can waste less time tracking orders and chasing payments. Instead, it’s necessary for small business owners, like yourself, to work smartly and efficiently. You want to have time available to give your customers the best service possible.
Relying on automated tools for various aspects of your company saves you time and creates a more accurate process. You may even notice a drop in cancellations and bad debts when you begin using automated business tools.
2. Boost your website
If your business mostly relies on word of mouth for marketing, you may not think much about setting-up a polished and professional website. Maybe you figure the company has grown without having a snappy website, so why should you get one now? In our smartphone society, it’s important to have a website that’s modern and easy to navigate. If the website team you develop has experience in your same industry, then you’re for sure on the right track.
3. Get Rid of the Things You Don’t Like
At the beginning of the business, you probably did just about everything. Eventually you have brought on other team members and reassigned some of your job duties. That’s one of the perks of being your own boss since you get to decide what you do and what you delegate. Maybe you decide to outsource your social media marketing to a specialist or your admin duties to a VA, whatever it takes to free up your busy schedule and give you time to focus on future growth plans.
4. Partner with a Financial Expert
Investing in a reliable accountant or financial advisor that understands your industry and your small business goals is priceless. Smart accountants know how to maximize deductions, manage cash flow, do business taxes, build assets, and raise capital. You want to work with a financial expert that knows their stuff but can also break it down to you in easy terms. As part of this working relationship, your business accountant will probably let you access their accounting software, which helps you to manage your company’s finances a lot easier.
5. Your Business Insurance
As your small business evolves, you may take on new projects, grow your staff, and expand your locations. Now is a good time to review your business insurance policies. You may want to make sure the policies you’ve had for a while meet your current (and future) needs. It’s a good idea to regularly check in to compare quotes and different business insurance packages.
6. Install More Efficient Equipment
It doesn’t matter if you run a body repair shop, a cafe, or a bookstore, the more clients that come in to visit you then the longer the wait times will eventually become. Of course, you don’t want customers waiting too long for service because that could cause a lot of frustrations. Can you invest in faster or better equipment? Are you going to hire more staff to work during peak hours? How can you tweak the corporate procedures to make things more efficient? In most cases, a small investment right now can lead to big rewards tomorrow.
7. Mix Up Your Marketing
Maybe your small business hasn’t captured as many clients as you’d like. Then it’s time to invest in a more polished marketing strategy. You should be sure to incorporate modern tactics like SEO-driven blogs, Google or Facebook ads, social media targeting, email campaigns, and content marketing. If you operate locally, consider using an old-fashioned letterbox drop to keep your business part of the community.
8. Keep Popular Inventory Items Poppin
Investing in the most popular inventory items sounds simple enough. If your business is always running out of products that customers, ask for then increase the amount you order. You also might want to improve wholesale rates so you can move products and boost margins. Some small business owners invest in a three-month trial of larger wholesale orders and see if that’s worthwhile.
9. Go Back to School
Maybe you don’t need to go all the way back to school. Instead consider taking classes, earning certifications, or participating in webinars to learn as much as possible. Small business owners, like yourself, often take-up HR training, business management courses, or industry-specific seminars. Everything you do to advance yourself will translate to your company’s growth too.