No small business has money to burn, so when it comes to funneling capital back into the operation it can be a daunting prospect. But you shouldn’t be afraid of investing in your venture (beyond just sweat and tears).
Sometimes you need to spend a little to gain a lot. Just make sure you’re spending money where it counts. Here are some suggestions of things you may want to invest in to help your small business grow.
1. An online booking platform
By investing in an online booking and payment solution for your small business, you can spend less time taking bookings and chasing payments, and instead use those spare hours to ensure your customers get the best service possible. It’s more convenient for them, saves you time and cuts down on cancellations and bad debts. That’s a triple win.
2. Improve your website
If you’ve built up your business mostly based on word of mouth, you may not think a polished, ultra-professional website is all that necessary. But in our technology-obsessed world, it’s important to keep your website modern and fresh.
If you don’t have the time, inclination or technical knowledge to do it yourself, a small investment in a professional team can take care of everything for you. Engage a web developer and designer with experience of what works for your type of business, and a content writer who can craft words that will not only entice people to connect with you, but help you be found organically online, too.
3. Outsource the things you don’t enjoy
In the early days, you do almost everything as a small business owner. But surely one of the perks of being your own boss is you get to decide what you do and what you delegate. So whether you outsource your social media management to a specialist or your admin to a virtual assistant, consider freeing up your time to grow the business by investing in some additional help.
4. Partner with a financial expert
Investing in a good accountant who understands your small business and your industry is worth its weight in gold. Smart accountants who know how to maximise deductions and manage cash flow are often a big part of a thriving business, and they can advise you on the best structure for your business too. Many accountants will also give you access to their accounting software, which will enable you to manage your business’s finances a lot easier.
5. Buy more efficient equipment
It doesn’t matter whether you run a pub, dry cleaning service or burger shop, getting popular means more customers – and inevitably longer wait times. But there are ways to stop customers from turning away disgruntled. Can you invest in better, faster equipment? Do you need to hire more casual staff at popular times? In most cases, a minor investment today can lead to bigger rewards tomorrow.
6. Market your small business
You’ve done everything possible to get your small business up and running – now you just need more customers. It might be time to invest in a more sophisticated marketing strategy, incorporating a mix of modern tactics such as Google Ads, SEO improvements, content marketing, social media targeting and email campaigns. If you operate locally, a good old letterbox drop can also keep your business front of mind.
7. Order more stock of what’s popular
Sounds simple enough – but investing in what’s popular can be a smart strategy. If you consistently run out of a product that customers adore, increase your order. An improved wholesale rate can boost your margin too. You may want to consider investing in a three-month trial of the larger wholesale order and see if it’s worth it.
8. Your own professional development
Running a busy small business with lots of customers to impress and staff to manage means people management should be one of your best skills. But investing in some HR training and business management seminars may be the next step to help you grow.
9. Protect yourself with business insurance
As your small business grows, you will likely take on new jobs, expand to new locations and deal with suppliers you never anticipated at the startup phase. Now’s the time to check your business insurance covers you if anything goes wrong. For example, if you’re expanding to a new premise be sure to check if your policy also covers earthquake damage.
So, you’ve done your due diligence and want to invest in your small business, but you don’t have the capital to do so? Prospa might be able to help. Get in touch to find out how.
