6 unexpected ways to invest in your business
Many people choose to start their own businesses, and there are more ways than ever to thrive, even during tough times.
However, even once a new business has been established, it is important to continually invest in it. It is not just a financial investment, but investing in the quality of service, the well-being of the staff and the simplicity of the processes.
The six tips below will help you invest in your business beyond just immediate financial form. With the approach below, the investments you make in your business can help ensure that it is not only financially prosperous, but also a positive and sustainable place to work.
TIP 1: Train your staff
A key investment in your business is making sure your people are trained, qualified, and safe in the workplace. There may be specific training to undertake that is most relevant to their role or your industry. Choose it carefully, then make the training part of your routine and systems when hiring.
Even if you only have a small staff – or a team of you! – it is always very beneficial to make sure that everyone has the necessary skills that they need. It can be a large financial investment or a more economical one.
Identify the skills that are important in your workplace, then select the staff training that would best support them. A trained staff member could be a big upfront investment, but over time it would help you save time and more work.
Key training can include first aid, bookkeeping, SEO, social media marketing, etc.
TIP 2: Create a positive work culture
One of the best investments an entrepreneur can make in their business is to foster a positive corporate culture. If their company is a positive and supportive place to work, then the retention of their staff will be higher and the quality of the candidates they attract and retain will also be stronger over time.
It’s also important to note that positive workplaces that feel supportive and collaborative are also a crucial part of overall employee well-being. Good jobs and workplaces are always very important in surveys of quality of life and happiness.
You can help create a positive company culture by encouraging respect, kindness and collaboration at work, but also by rewarding and appreciating team members. A competitive or highly pressurized environment is generally counterproductive.
You can also aim specifically to support the mental health of your employees and tackle the growing number of mental health issues exacerbated by stressful working conditions.
TIP 3: Offer benefits
Providing benefits and rewards to customers and staff can be a great way to invest in your business in general. It inspires customer (and staff) loyalty, can lead to more sales, and adds a bit of positivity and excitement!
Consider what popular products or services are and think about how you could make them even more effective by adding an element of loyalty, for example.
TIP 4: Review and audit regularly
A great investment that you can make in your business is to review and audit it regularly. Identify small problems early on before they have a chance to become a major problem. This will prevent serious disruptions and you will always feel more in control.
You can hire a professional auditor to provide an objective perspective on your entire business, undertake your own regular internal reviews, or better yet, use a combination of the two.
Reviews and audits are an investment because they continually improve your business processes and can also help you spot and avoid costly mistakes.
TIP 5: Get certified
Does your industry have a highly recognizable or respected certification or accreditation?
Ask yourself if this could be useful training and a âseal of approvalâ for your business. Certification can be a great way to immediately communicate your compliance to the customer, as well as to keep you abreast of industry best practices.
TIP 6: Have an online presence
An online presence – even a very simple one that only contains up-to-date contact details, for example – is more important than ever. Being present and visible to potential clients and customers is an important investment you can make in your business.
An online presence isn’t just important now. It is likely to become more and more important in the future. Start small and manageable – don’t feel like it has to be too complicated – and hire a professional if necessary.