Reinvesting in your business is vital to the success and growth of your business. But, where do you start investing and what makes the most sense?
The way I look at it, in order to invest smartly you want to invest in places that save you time, money or resources.
That ranges from improving skills, outsourcing work, investing in automation tools or a team member and marketing your business to bring in additional income streams.
Let’s jump into each category!
1 | Coaching or Education
First things first, invest in your education.
I’m a big believer in always learning. Education is power and the more you know, the more you can do, especially when it comes to business.
What type of education or coaching you choose to take on depends on what your business needs and where you’re lacking the most experience or confidence.
For instance, I recently took on coaching to help improve my skills involving sales. I hate sales, but selling is a big part of growing a profitable business. So, I knew it would be a good investment, because it married my lack of confidence in sales and business need to pay the bills.
Whatever you decide to invest in, make sure it’s pushing you forward in a practical way.
2 | Professional Design
Your brand is the first impression you make with your audience.
This may be through an Instagram post, product packaging or visiting your website. Your brand is the first thing your audience will interact with.
If the design is hard to use, ugly or confusing you’re telling people not to take you seriously and not to choose your business.
This can lead people to believing they can ask for discounts, work outside of your process or just generally not treat you as the expert that you are. With a professional set-up you are able to present yourself as the expert that you are.
Think of it like this.
You wouldn’t go to a business meeting in sweatpants, you would wear a suit. Your brand has the same influence as a power suit.
3 | Automation
You most likely started a business because you were passionate about this one thing. But, running a business is so much more than spending time doing the thing you’re passionate about.
As a web designer, I spend a good amount of time working on client websites. But, I also spend a lot of time answering emails, scheduling social media posts, writing blog posts, tracking my analytics and bookkeeping.
In order to serve more clients and free up your time, you need to invest in some automation tools.
Automation tools is any tool or resource that you can set up to run things for your automatically. This could be anything from scheduling your social media posts, to replying to emails to sending invoices.
Take a week and look at where you’re spending the majority of your time. Is it something that needs your full attention, like working with a client? Or is it something that can be done without you?
Figure out what aspect of your business is the biggest time suck and that doesn’t require you to be hands-on. Automate that first.
4 | Marketing
Marketing is a great way to grow your business.
Although, organic marketing is great, paid marketing is an amazing way to reinvest in your business.
Get the word out on your brand to a larger audience by promoting content online, selling direct mailers, get a billboard or tv spot the options are endless!
Marketing has the power to grow your reach exponentially, so don’t be afraid to reinvest some money in people finding you.
5 | Expand your team
You’ve bettered yourself and your website. You’ve automated your time-sucking tasks and invested in marketing.
Now, it’s time to expand your team.
When you’ve reached a level in your business where you just can’t do everything alone, it’s time to bring on another member.
Bringing on a second or fifteenth team member can really improve how your business functions, it free’s up your time and it allows you to work on a bigger scale.
How have you reinvested in your business in the past? Let me know in the comments!