Healthy cash flow can provide security and peace of mind. It’s also an ideal opportunity to invest funds into your business, experiment with marketing, or buy new equipment.
Even if your annual budget has only modestly increased, here are 6 innovative ways to invest in your small business.
Outsource tasks that eat into your time
Small business owners often have to take care of day-to-day tasks themselves, from record-keeping to scheduling appointments. Break down your never-ending to-do list by outsourcing repetitive, routine tasks to someone else or a bespoke service. Your time is more valuable, and better used for sourcing investment, networking, and developing new sources of income.
Redesign your website
There are different schools of thought on how often a business should update its website. Redesigning for the sake of it is a costly exercise, so make sure your website build will make a difference to profits.
Whatever the end goal is for your customer – buying a product, booking an appointment, or requesting a quote – make sure your website makes this process simple. If it doesn’t, it needs work.
Reward, train, or incentivise your team
Whether you have a team of 2 or 20, some of your cash flow should contribute to helping them become more productive. This could mean paying for training, a team-building away day, or just a reward for their hard work. Staff who feel invested in will be more willing to invest their time and effort in return.
Test new marketing channels
If you’re short on time, a bigger marketing budget helps you reach more people with less effort.
Before you start spending, do some research and find the offline or online marketing channels which will get you in front of the most active potential customers. If marketing strategy isn’t your strength, talk to a specialist. If you’re not much of a designer, hire a freelancer to create your ads. It takes some initial investment, but could increase your customer numbers dramatically.
Update your equipment and technology
A slow system and inefficient tools can affect your operations, as well as your utility bills and carbon footprint. If you’re the sort of person who prefers to replace something when it’s completely broken, consider the long-term costs of using an out of date phone or laptop.
Take care of the things you’ve been putting off
Every business owner has a plan for their future, and the tools they’ll need to achieve their goals. Invest now, and you’ll keep growing.
It could be as small as ordering new business cards, or as big as recruiting an assistant and finding a bigger premises.
If you have big plans for your business, Capify can help you raise short-term finance. You’ll repay a pre-agreed percentage of your daily card transactions, so repayment won’t negatively impact your cash flow.
Capify has an average score of 9.4 out of 10 on TrustPilot, and we’ve helped thousands of small businesses source finance they can rely on. Get a quick quote now.Get A Quote