Ways to Re-Invest in Your Brand
You might remember that antique tradition of saving your first dollar from your first sale. Some owners used to frame it and keep it somewhere visible for everyone to see. It of course had a purpose, to remind you about all the work you put into creating that and the joy of knowing you made that possible.
Whether investing in your business is something in the back of your head or not, doing a little bit of strategy around your money investments can be a good decision for your business.
We understand the temptation, you are suddenly getting a bit of cash, and paying yourself a big bonus for your effort doesn’t sound bad at all. But before you start spending that money (yes, yes, put the wallet down friend), ask yourself some questions:
- Will you need any of that money in the near future?
- Is growing your business part of your plan?
- Can your money make you more money?
If your answer to any of these was yes, maybe you need to think about creating a solid plan for your finances. Once you understand your business and personal finances, as well as, your goals, you’ll be in a more solid position to make the right calls about how much to reinvest in your business.
Some easy ways that you can improve and invest in your business:
Anything that can place your business in front of your audience is an excellent idea. If you are having trouble bringing in the customers, you won’t be able to make any money.
Investing in marketing will help you build brand reputation, increase sales, target your ideal audience, and this doesn’t even have to cost you a fortune. Most importantly marketing builds credibility, there’s nothing more important for customers than knowing that they can trust your business and that you are not going around with shenanigans.
2. Invest in your team
If you are a solo-preneur like me, you might want to skip this. But if you are part of a dedicated team, investing in your people might help you improve productivity. Investing your money in training, bonuses, and any other kind of benefits your employers can enjoy can bring huge benefits to your company. Did you know that companies with happy employees outperform their competitors by 20% (they are also 12% more productive too!)?
Amazing, isn’t it?
3. Invest in yourself
This is one of the best returns on investments you can ever have. Whether you decide to learn a new skill, developing yourself professionally or personally, you need to give yourself before you can give to others. Some ways you can invest in yourself:
- Setting goals. Learn how to set yourself for success through your goalkeeping and tracking.
- Honor your intuition. Listen to yourself and you’ll make better decisions, this will help you make better, smarter, and quicker decisions.
- Invest in your creativity.
- Invest in your confidence. The more you love yourself and own the value that you offer, the more confident you will become in sharing it with others.
4. Hire help
We have all been guilty of wearing way too many hats. You have to recognize that sometimes you reach your own capacity. Helpers, assistants, and/or new employees can open your business to a whole new set of skills and keep operations running smoothly.
5. Outsource your least favorable tasks
There’s nothing that drains the happiness out of a business like having to do tasks we hate. Whether is the accounting tasks, the marketing campaigns, or product development, you can outsource all these to someone more qualified.
6. Improve your SEO
If you are not sure what I’m talking about Search Engine Optimization (or SEO) is how your website manages to increase the traffic going through your site through organic search results. If you have never used SEO, it can be tricky at first but it’s a tactic that will definitely bring a big return on your investment in the short term.