As the old saying goes, you have to spend money to make money. And it has never been more true than in this day and age. The first and most important step is always deciding what percentage of income we need to reinvest in our company. The second one is in which part of the business we want to reinvest it in. This is never an easy decision. Most entrepreneurs suggests reinvesting 15- 20% of your monthly income in order to ensure exponential growth.
Deciding on the percentage we are most comfortable with depends solely on the state of our business and the desired growth rate. Now when it comes to choosing what to invest in, it is a whole other ballgame. The choices are numerous and not all entrepreneurs always make the right ones.
This article is bound to help you decide which ones are best suited for your business niche.
So let’s start!
Invest in your business security
It is one of the most important investments you can make. Ensuring that your customers feel safe sharing their personal data with your company is one of the key factors in customer retention. The first step is ensuring that your cybersecurity is top of the line and that you can rely on the company you are outsourcing this aspect of doing business to. Apart from quality cybersecurity for your digital data, additional investments should be made to you onsite security, alarm systems and careers are always a great option. You need to protect both your physical and digital inventory.
Finally, don’t forget about insurance types your business might need. Investing in various insurance options will provide additional protection for your business. You will also be able to get through some difficult times if you have the right policies in place. It might seem like a substantial sum of money that you need to invest every month, but the security it guarantees for your business and for you personally far exceed the costs.
Make sure you provide your customers with different payment options
Having several different payment options can help you get to ensure that you get paid more quickly and easily. So investing in opening different payment channels is always a smart option.
In addition, if you deem it necessary for your future investments you can always consider debtor finance options. They can ensure you have the funds you need for additional investments and it is secured by your outstanding accounts receivable. You’ll also need to offer a variety of online payment options for most of your future customers, from card payment to Paypal and even electrical invoicing.
In this case, it is essential that you listen to your customers and their needs and adjust the payment option accordingly. By making this process quick and seamless you will be able to retain more customers and ensure better customer retention. Investing in this area of doing business is essential, as it will bring your company closer to your customer base. And, at the same time, it will enable you to tap into different funding options.
Don’t overlook the importance of digital marketing
Now investing in marketing is one of the most important duties of every responsible entrepreneur. Now, this begs the questions what aspects make for the best possible investment option. Of course, the answer is cross-platform marketing campaigns, ones that can reach the biggest target audience and ensure a viable ROI.
So, what does this approach include? First and foremost, having a quality website that will have a low bounce rate due to its speed and the captivating visual experience it offers potential visitors. Then comes the creation of smart and insightful social media campaigns. Now, if you are personally not skilled in this department, a far smarter option would be outsourcing it and having professionals take on the challenge. It would definitely be an investment that will put your business on the map. At the same time it would help you obtain the desired amount of customers. Then the only thing left would be ensuring you have the needed retention rate, and that solely depends on the quality of your service and product.
So there you have it, three very straightforward investments that can help you take your business to the next level. The competition is fierce across all business industries, so it is essential that both small and big business ensure they get a piece of the market. And the most effective way of achieving this is through meeting customer needs and desires. In most cases that includes high service or business quality, maintaining open lines of communication and adhering to the obtained feedback. And most importantly ensuring your customers feel safe doing business with your company.
Victor T. Miller, a Sydney-based business and marketing specialist and a regular contributor on Bizzmark blog. I am a person who loves to inform people about the latest news in the marketing industry also as sharing tips and advice based on my professional experience and knowledge.