There are staples and initiatives that every business needs in order to succeed. From marketing efforts to employees and equipment, you’re going to need to pay it forward in order to gain results. After all, the nature of business is to make investments.
However, the question lies in understanding where to make those investments and when to pull back. Read on to discover three areas within your small business that, with a little understanding and tact, will prove your efforts to be worthwhile.
No matter how amazing your business offering is, it won’t mean much if no one is aware of it. Marketing is essential for any business that wants to bring in new business while educating and entertaining a consumer group. However, when it comes to setting a budget, where should you save and splurge?
Ad campaigns (consisting of flyers, banners or direct mail) can provide you with a return on investment both in a growing customer base and a more solidified brand image. The key to making your investment worth it is to have a consistent message across the board that speaks to your niche’s needs and wants.
For any business owner, sustainability and growth are always top of mind. You want to invest in growth while realizing a positive return. As you contemplate your long-term goals, here are the top three investments to consider:
1. Technology infrastructure – It’s important to operate off a scalable technology platform – one that enhances employee performance. Because technology impacts every sector of your business, it’s important that it provides a simple and flexible experience for your team members so that they can maximize efficiency.
Keeping up with cutting edge trends that you can implement first in your industry is a great way for your company to stay ahead of the curve and stand out. Don’t be afraid to take risks!
You want to pay down your debt, but your income has been about the same amount for the past two years. Ideally, you’d like to redesign your website, hire an employee to assist you at your business, buy a MacBook Pro, and begin establishing a social media presence. But your credit cards and any other outside debt are killin’ you. Much of this may be linked back to the fact that you could be spending around $200 a month in additional interest which could be going towards trademarking a logo design or buying some software you really need.
You feel stuck because you are not sure what to do – pay down the debt or invest in your biz? If you rack up more debt, you will just dig a bigger hole for yourself. If you make the minimum payment on your debt, you won’t chip away at reducing it. Total deer in the headlights moment. Continue reading