You work hard, you put in the hours, and now you’re seeing the effort pay off. When your profits leave you with extra cash in hand, what’s the best way to spend it? Setting up a proactive savings plan can make extra cash a normal thing for your business. However your coffers fill up, here are several other smart ways to spend your hard-earned dollars.
Improve Curb Appeal
With so much attention lavished on all things digital, it’s easy to forget the simple, tangible ways you can update your business. When was the last time you refreshed the exterior of your business? A fresh coat of paint, updated signage, and well-designed landscaping send a message of trustworthiness to potential customers. Clean, bright exterior lighting and seasonal plantings may seem like an unimportant details, but they have the power to pull those new or hesitant customers in through the door.
Update Interior and Tools
Updates for the interior of your business are just as important. Aesthetic improvements–paint, updated displays, improved branding and signage–help make customers more comfortable in your stores.
But updates go beyond aesthetics. If your staff is struggling to operate with outdated software, insufficient computers, or a clunky phone system, invest in tools that will allow your business to function optimally. If you’re not certain which new tool or update matters most, consult your staff. The people doing the work can tell you which tools and updates would most improve the workflow on the floor.
Add Needed Staff
Growing profits usually come from growing demand, and your employees may be struggling to keep up with an increased workload. Consider the key staff positions that need to be added: is it time for another technician or sales person? To pinpoint where more people are needed, look for slow points in the workflow: where do you see bogged-down operations or continual customer service issues?
If the positions you need are managerial, you might be able to promote from your current employees and hire in new staff to fill the now-empty roles.
Invest in Staff Training
Maybe you’ve already added the staff you need to keep up with your growing business. If so, it’s training time. Advanced training not only keeps employees happier and more fulfilled, it also makes your entire business more valuable. After all, your business is built on the intelligence, skill, engagement, and professionalism of your employees.
General training, such as customer service training and productivity training, can benefit everyone in your business. Specialized training, such as certification in a specific technical skill, increases the services you can offer your customers as well as increasing the value of particular employees and departments.
Level Up Your Marketing
Budget-conscious small business owners often hesitate to spend big money on marketing. It’s an understandable hesitation; with important demands such as salary and inventory, marketing often seems like the lowest priority on the financial list. Now, with cash in hand, take a look at the marketing options that could benefit your business.
Your web presence is a priority; even for traditional brick-and-mortar businesses, customers expect to find key, updated information online. Mobile marketing isn’t going to go away, either. More and more customers depend on their mobile devices both in the pre-shopping phase, while researching, and while actually shopping.
Make sure your website is mobile-friendly; that’s the first step. The second is to invest in a mobile app that will bring more value and accessibility to your customers. Hire a developer or use an app development service such as AppMakr or Bizness Apps to get your own branded app up and going.
Struggling to decide how to spend that extra cash is a great problem to have; congratulations on all the hard work that’s brought you here. As you make strategic choices to invest the money in continued growth for your business, don’t forget to set up a savings plan. If you save a percentage of profits regularly, you’ll be dealing with extra cash, which you can invest in your business, on a regular basis.