With the beginning of a new financial year comes the opportunity to create new financial year resolutions. Are you ready to take on new investments to make your small business grow?
According to an article published by Prospa, here are nine intelligent investments to make your small business grow:
1. Online bookings: Smarter systems
For instance, instead of spending more time taking reservations and chasing payments in your B&B, you should be investing in a more convenient online booking and payment solution for your clients. When you secure a comfortable stay for your clients by providing a hassle-free system for them to book online and pay smartly, they are most likely to return. This saves you more time and helps you reduce any last-minute cancellations and poor debts.
2. Website: Up your online game
While you may have successfully built your business through word-of-mouth, you may not have updated your website in years. Seek professional assistance and set aside funds to invest in building your website by engaging a web developer and copywriter with search engine optimisation (SEO) skills to help you improve your chances of being found on Google by your targeted audience.
3. Customer experience: Get app happy
Take this scenario for example, market research shows you have a strong customer satisfaction score for your flower and gift shop. Unfortunately, your customers are disappointed by the length of time it takes to order and for the flowers to arrive. In the digital age, you do not want to get left behind. Investing in an app for your flower orders may do you wonders. The tip is to start simple and gradually add more features catering to your customers’ needs.
4. Accounting: Smart finances
It’s a smart move investing in a good accountant who understands how your small business operates and keeps track of the company’s finances. What makes a thriving company? Choose an accountant with experience in small business clients. Your accountant can help you maximise deductions and manage cash flow for the business.
5. Assets: Up your capacity
Imagine your customers walking into your premises every morning for a cup of good coffee, but then having to wait too long for it. It may be time to purchase a bigger coffee machine with more room for two baristas. The last thing you want is for your customers to leave and get their coffee somewhere else because of the waiting time. Alternatively, you can also invest in a new van and go mobile by selling coffee on the go. You can plan this by having your mobile van in a new location every week to promote your coffee business on top of your already established coffee shop.
6. Marketing: Get noticed
Take, for example, you’re operating a wedding invitation business and have recently invested in a high-end printer. However, you will now need customers to get their wedding invites printed. Start advertising your products to the right target market through Google AdWords and email campaigns to help boost your brand and business. Even old-school letterbox drops can keep your business front of mind.
7. Cash flow boost: Bigger orders for a better deal
Imagine you sell a range of wholesale candles that you regularly purchase. Have you ever thought that if you increase the quantity of your order, an improved wholesale rate can further boost your margin? You can start small by investing in three months of the larger wholesale order and see if this works out for you.
8. Professional development: Invest in yourself
So, you have done everything, including developing your personal coaching team, but you realised that people management is more complicated than you anticipated. The next step you can take is to invest in some HR training and business management seminars to help you and your team grow professionally.
9. Business insurance: Expect the unexpected
Take a scenario where your events company is now starting to provide more services to style weddings at popular venues. You want to ensure you have business insurance covers to help safeguard you and your business financially in the event of loss and damage. Your suppliers and third parties may also require insurance, such as public liability.
If you need a financial assistant to get started on any of the investments mentioned above, FutureNow Finance can tailor a suitable business loan solution to help you grow your small business. Call us on 1300 013 730 or email us at firstname.lastname@example.org today.