Every dollar matters in business, so you’re forgiven for not spending them too quickly. But is your thriftiness preventing your business from growing?
For exposure you may need to consider more marketing methods. To boost your public image, what about team outfits with embroidery Sydney residents will find impressive when they engage with your team? And what about treating your clients with a gift? Yes, all these plans will cost you something, but it will be money well spent.
You Need to Spend Money to Make Money—This is NOT a Lie
Yesterday’s methods no longer work in business. Industries change and marketing campaigns have become more competitive. Without investing something in marketing, your competitors will quickly take over your market share. If you want to be the brand everyone notices, find a way to outshine the rest.
You also function in a tech-driven world where you need to use modern work methods to perform at the same—or higher—levels than your opposition. You can’t afford falling behind in implementing new gadgets, software or equipment. Those using the latest tech will become the preferred vendors.
To stay on top in today’s business world, here are expenses that may be tough to commit to but in hindsight you’ll be glad you did.
Practical Ways to Boost Your Business this Year
Revamp Your Look
We’re not saying you have to transform your entire premises but showing visitors that you’re all about the details can build their trust in you. In the long run, trust leads to loyalty, so customers will stick with you.
Aesthetics matter because it affects first impressions. If it’s been a while since you’ve done upgrades, consider which of these can be added to your budget:
- A new coat of paint to spruce up the office or retail area
- Upgrading any part that looks old fashioned, such as a front door or even your logo you use on signage
- The driveway to your parking area that’s been cracked for years
Apart from buildings and a storefront, people will judge your company’s value based on your team. Anyone engaging with customers and suppliers—even those replying to message sent online—can determine whether a client will return or rather pick a competitor. That makes these expenses valuable investments:
- Team wear: Use professional embroidery services Sydney has to choose from to add your logo to work shirts or caps. Wearing something that carries the company brand tends to spark pride and confidence in workers. This increases the chances of them sticking to your policies and impressing customers, even when you’re not there to check up on them.
- Team training: Coach your team in customer service etiquette or send them on a course so they can act professionally, no matter how they engage with your customers. The lasting impression they leave must be positive or clients will support your competitors who have friendlier or more knowledgeable staff.
Outsourcing the RIGHT Services
You may only imagine the bills piling up when you think of outsourcing, but this option can trigger other positive changes. For example, when you no longer have to spend hours on bookkeeping, reconciling accounts and figuring out tax returns, you can invest that time in other parts of your business.
Also, when experts handle business aspects you’re not that knowledgeable about, there’s less chance of errors. Are you sure you’re benefiting from all the tax benefits you can? When you outsource to an expert accountant, you may save more money than you imagine.
Even if you want to keep things in-house there are easier ways to get it done. Paying someone to help you set up automated processes in your factory or show you how to use software in the office that streamlines workflows can increase your productivity exponentially.
Thanks to innovation, more and more departments can use automation:
- Social media management for the marketing team
- Automatic bill payments for the bookkeeper
- Instant email replies to new leads will save the sales team time and ensure no potential customer is forgotten
Spoiling the Right Clients
Perhaps you can’t imagine spending money on frivolities such as gifts for clients. You won’t get anything in return, so why throw away cash like that? Because the long-term returns can be what you need to grow:
- New clients: Combine your gifting campaign with automation and have a gift sent to each new client whose sales amount is above a certain figure. You’re cementing your brand in the individual’s mind, so they’re more likely to return for another big buy. Who can forget a surprise gift?
- Existing clients: It’s more costly obtaining new clients than simply working with your existing ones, so minimise the possibility of your current customers changing vendors. A gift creates a personal connection and adds another reason to stay loyal.
Where Will You Start?
It’s difficult to manage that budget each year but do your brand a favour: allocate some money to one or two of these strategies to start benefiting from the returns. And if you have a technique that works for your company, why not share in the comments?