If you are already running your own business, you will know how difficult it can be to balance those books and keep costs down. You will spend a lot of time poring over numbers and calculations and you might well agonize over any new and necessary expenditures. The problem is that to do well in business, you will find that there are a few key areas that you will need to spend that little bit more on, in order to reap the rewards. It tends to be the same areas across the board, whatever your business, so today we are sharing our 4 essential investments for your business, those areas that you will want to spend some money on.
Invest in recruitment
You need to build the best possible team around you that you can. These people will be at the heart of your business so you have to trust in them and you want them to be capable of delivering for you and your customers every single day. As such, recruiting effectively is crucial.
Spend some time creating the idea candidate profile and job description and then move to recruit. Use it as a template to form appropriate interview questions and assessment tests and ensure that you are not compromising when you make your final decision. It can be very difficult to manage out the wrong person, so it is better to take your time over getting the right person in the first place.
To ensure that you can attract the person that you are seeking, do research comparative companies to enable you to put into place fair and competitive salary and benefits packages.
Invest in training
This one is absolutely key to the success of your business. You have spent the time hiring the very best that you possibly can, so now you need to train them and ensure that they are equipped with the knowledge and skills that they need to do their jobs well.
Whether you need to train them up on differential pressure meter technology or telephone sales techniques, the approach that you take to training should be the same. It should be methodical, clear and specific. It should always have follow up coaching in place. Learning something initially takes time and practice so give plenty of room for that and do be patient over any initial errors. Offer encouragement and positive feedback and new procedures will soon be running smoothly.
Look into online learning platforms and software as these methods might prove to be more flexible and more affordable than more traditional training methods. Train in-house if at all possible so that the trainer is familiar with your company and ethos.
Invest in technology
Your technology must support your business, and as such, it is worth investing in it. You need to have reliable computers, phones and any industry specific machinery and software. Old or poorly maintained systems can be temperamental and they could result in lost hours or days worth of work. This is not only frustrating, but also inefficient, costly and potentially damaging to your reputation if it means that customers are let down.
Your systems need to be up and running every day for everyone to do their jobs and for you to deliver to your customers. Any downtime can also be frustrating to customers attempting to contact you and can easily result in lost leads.
Ensure that you buy the best technology that you can afford and then look into working closely with experts in the field so that you can relax knowing that they are ensuring that everything is up and running at all times for you.
Invest in marketing
You have a great business, so now you need to shout about it.
Marketing your business can take many different guises, so take the time to explore all options and work out which ones are the most effective for you.
You will want an online presence so invest in a well-designed, branded website to give customers the right first impressions and keep people coming back. It needs to be easy to navigate, informative and able to convert leads.
You will need to develop a social media presence, which is often free to do, though it will take an investment of time in order to build up followers and engagement.
Your own signage, branding and packaging are all marketing necessities, and you might then want to utilise more traditional methods such as posters, ads, flyers and business cards. Word of mouth remains hugely powerful in marketing, so do seek recommendations, encourage reviews and ask for referrals regularly.