4 investments to make in your business

When you own a business, there is more that you can do than just logistics and expenses and income. You can help grow your business by making key strategy decisions to invest in yourself and your business. 

technology

Technology is one of the most important investments you can make in your business. Fifteen Forbes experts weighed in on the technology assets they think a start-up business should consider. Among the list included cloud computing, remote management tools, web-development technologies, analytic technologies, and data security.

They also mention the importance of having up-to-date computers and software packages. Along the same lines, having workflow automation and collaboration software, customer relationship management platforms (CRM) and project management platforms can make the difference in the success of your business early on for a variety of reasons. 

Consider speaking with experts in your field to know what the best software for your business is. There are industry specific solutions that you should assess for the cost-benefit to your business. For example, for those in the electrical industry, electrical contractor software can help you manage and organize your jobs while helping you get paid on time. There are also software solutions to help consultants produce more accurate and consistent estimates.

marketing

Marketing strategies include an online presence (website and/or social media) and email campaigns, as well as traditional methods like direct mail, print advertising, trade shows, and local business communities. 

When it comes to marketing, your choice of strategy centers around your target audience - if they are primarily local, then including traditional methods to reach those in your community, while also having an online presence for customer validation, can be a good way to go. If your audience is across the country, or even the world, then prioritizing your marketing options including paid marketing campaigns on a variety of websites to reach new customers is important.

You don't need to do every marketing idea first or at the same time. Define your marketing goals and metrics, like lead generation, website traffic, social media engagement rates, and browser-to-buyer conversion rates are online metrics you can use to track how effective your marketing efforts are.

employees

Just as it is worth keeping an existing customer happy than losing them, it is worth investing in your employees to keep the hard-working ones happy and invested in your company. If you have multiple locations, it's often your employees in the business office - the ones who see your customers and can tank your business if they are poorly performing. 

Recognizing employees who are willing to go above and beyond with accolades, professional development, and promotions will help keep good talent in your business rather than needing to bring in management from outside.

stock options

Just like consulting an expert to determine the best software for your business, using a broker to guide your business investments can help you make smart decisions at the right risk level for your comfort. 

Just like you examined marketing strategies in how they can increase your customer base and ultimately your revenue, investments can be great for the financial position of your business if they pay off.