When it comes to increasing profit and getting more customers, investment is often what is required in order for you to grow your business. It’s critical to invest in the right places to ensure you stay ahead of the game and remain successful. What areas are important to consider?
What directly impacts the customer?
As a rule, you should spend money in areas which make you or your employees work more effectively. However, if resources are limited, only spend money where it impacts the customer. How does your investment improve sales? Do efficiencies allow you to reduce your price or increase your margin? It might be higher quality and sell faster. Business enhancements should always benefit the customer to benefit your bottom line.
Utilise the right business tools for the job
Quality matters – productivity, efficiency and waste reduction is key to continued success. If you have a manufacturing business, some processes may still be performed manually but where possible, invest in equipment to increase production quality and efficiency.
If you have a service-based business, the right tools are critical as speed and efficiency will increase your return on investment (ROI). Ensuring you have quality programs and the right platforms will enable automation and reduce time. Every piece of equipment needs to give you the maximum ROI and add value to your business.
Find a workplace which enables you to grow
Small business owners typically spend a lot of time at work, so it’s important to have a comfortable workspace. Investing in a quality ergonomic chair can make a huge difference. However, don’t waste money on creating a space to impress others if they’re not going to see it!
Invest in your team and watch your business grow
It doesn’t matter how dedicated, committed and hard-working you are, every business owner needs the right support and team around them. Great employees (whether employed or outsourced) can be the best investment you will ever make, just make sure you don’t wait until your business is suffering.
If you’re wanting more tips on how to grow your business, download our eBook The 7 Habits of Highly Effective Small Business Owners or enquire about joining Bartercard today.