With tax season fast approaching we are forced to take a good hard look at the financial health of our business. One the challenges we all face is deciding where to invest our resources to help our businesses continue to grow and increase profits. Although there are many options, I'd like to share three ways you can begin to invest in your business today.
1. Invest in yourself. Be knowledgable in all the areas that make up your business. An area that most entrepreneurs struggle with is how a business is run and managing their team members. Learning basic business operations can be invaluable to the success of your business, especially if you don't come from a formal business background. Other areas to invest in include fine-tuning and maintaining your product and/or service, elevating your customer experience, and putting your best face forward - especially if you represent your business (read more about that here).
2. Outsource the work you don't like to do. It's all bliss when we're doing what we love, and then there are the tasks, like book-keeping and tracking marketing campaigns that take the joy out of our work. Let those that love these tasks do it for you, so you can do more of what you love! By handing over the tasks to qualified individuals you'll give yourself more time to generate more sales and thus more revenue for your business.
3. Create a Workflow. Sit down and consider the way you handle each client from inception to delivering your product and/or service. Write down everything you do. Now turn these actions into steps. Creating steps forms a measurable process that will not only keep your work consistent, but will also serve as an invaluable tool when training new employees. Workflows can be made for every aspect of your business. This will keep you organized and less time is waisted on trying to re-invent the wheel.
There are many areas of our businesses that we can invest in, and they vary based on the size of our business and the direction we want to pursue. These are just a few of the ways I found to positively impact the growth of my business.