In order to grow as a business, you have to be able to reinvest back into your business. This can be done with the profits you make, or through business loans. No matter how you decide to do it, it’s necessary for leveling up your business to reach continued success for you and your team.
Okay, so you know that you need to invest profits or get a business loans to further your success, but what will you do with all those funds? How do you use that money to grow? Here are some big tips of where to reinvest those funds.
1. Business improvement
The key to reinvesting is to have a sound strategy, not to necessarily devote a certain percentage of your profits. Your reinvestment efforts should be in line with your current strategic plan.
Most business owners choose to reinvest their profits in business improvements – for example, infrastructure, equipment, streamlining business processes, or finding ways to improve the customer experience. These are all valuable strategies because they can increase your profits in the long run, allowing you to expand business operations.
Digital marketing is always a smart investment of profit, when it’s done well. Many of the startups I’ve seen over the years wait several months before they do any real investment into marketing. Sometimes it’s because they just don’t know where to start. You can’t lose by investing in performance metrics. Always keep track of your campaigns and adjust them accordingly. If you have little experience with marketing, consider outsourcing to an agency. Use your profits or a solid business loan like the ones that we offer to get your brand out there.
3. Invest in your team.
Building a better workforce will streamline your business, improve productivity, and create the kind of company culture that will attract hard workers. Reinvest profits in human resources initiatives such as training and continuing education. As your company grows, you can expand to include benefits packages and other discounts. Investing in your employees early on will help you reduce turnover. Keep in mind, hiring a new employee costs a lot of money – about six to nine months of a lost employee’s salary, on average.
4. Hire help
Entrepreneurs are often guilty of trying to wear all of the company hats. Recognize when you need help, and ask for it. New hires can provide the technical skills and know-how to keep your operations running smoothly. This is one of the best investments you can make in the long run. This could be growing your team from 1 to 5 or from 20 to 100.
5. Consider coaching
If you’re unsure of how you should create your strategic plan, consider using some of your profits to hire a career coach. These professionals can provide guidance on executive leadership, creating a business strategy, talking to investors, and handling conflict between employees, among other things.
6. Improve your SEO.
First, if you launched a company without a website, create one. Second, spend some time, money, and energy getting that website to the top of Google’s Search Engine Result Pages (SERPs). For the uninitiated, Search Engine Optimization is a tricky beast, but you’ll get the hang of it (or find someone qualified and outsource it). The small business administration offers a useful primer on the topic, as well as other resources. If you’re looking for a way to see a significant return on investment in a relatively short time, this is one way to do it.
7. Create a cash buffer.
If there is anything that we have learned in the past few years, it’s that uncertainty is certain. You never know when something big can come along and uproot your plans. Make sure you’re sitting on enough cash to handle problems that may arise. While your business insurance policies will cover the disasters and catastrophes, it’s always advisable to have liquidity available for when you really need it.
Need more tips? Apply for our business loans talk to our representatives!
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