It’s not enough to blindly throw money at your business. Investing in the right areas is critical to sustaining business success, and precisely targeted investments are even more important during the tenuous recovery from the COVID-19 lockdown. Consider these handy tips when deciding where in your business to inject some additional capital.
1. Invest in the areas that directly impact your customers
As a rule, you should try to spend money in areas where your customers will see it. Ideally, you would want to focus on investments that will help you or your employees work more effectively, but when money is tight, you’ll want a more direct line between your injection of capital and your customers.
Consider how your investment will increase sales. Will greater efficiency allow you to reduce your price or increase your margins? Perhaps a higher quality product will sell faster? Business enhancements that benefit your bottom line will always benefit your customer first.
2. Invest in the right tools for the job
The quality of your product matters. Productivity, efficiency, and waste reduction are all key to sustained success. If your business is manufacturing, a lack of capital may result in more processes being performed manually. So, once you’ve established your business within your market, one of the best investments you can make is on automation equipment that will increase production quality and efficiency and free up your employees to deliver more comprehensive customer service.
If you have a service-based business, the right tools are still critical. Speed and efficiency are crucial to increasing your ROI. Ensure that you have quality programs and the right platforms to automate processes and reduce delivery times. Ensure that every piece of equipment you purchase gives you maximum return on investment and adds value to your business.
3. Invest in the right workspace
Small business owners typically spend a lot of time at work, so make sure your workspace is comfortable. Investing in quality ergonomic chairs can make a huge difference for your employees’ focus, morale, and productivity, so strive for the most comfortable workspace possible for you and your team. Don’t make the mistake of spending money to create a space that will impress customers if it will ultimately impede your team’s ability to deliver on the promise of your brand.
4. Invest in the right team
It doesn’t matter how dedicated and hard-working you are if you’re not supported by the right people. Many business owners will tell you they waited too long to outsource. While doing it all yourself might keep cash expenses down, it also limits your potential for business growth. Great employees can be the best investment you will ever make. Just make sure you don’t wait until your business is already suffering.
Find everything you need through the Bartercard network
A supportive network could be just what you need to find all the right investments. Fortunately, that very network is one of the biggest Bartercard business benefits! Find goods and services that will enhance and streamline your business and pay for them all with tax deductible trade dollars! Bartercard is the missing piece to help you attract new customers, satisfy existing customers, and capture the interest of potential customers. Visit our blog for more business tips and insights and get started with Bartercard today!