So, your business is doing well. Sales are booming, new clients are signing up and the money is starting to come in. First of all – well done! Setting up a new business can be very tough, but we think it’s definitely worth putting in the hard work at the start.
But before you get too carried away and give yourself a nice big bonus, why not invest the money back into your business? It’s really important to nurture your business and invest in the things it needs to grow. This will make sure your business is a long-term success rather than one that crashes out too soon.
Here are a few things worth investing in once you start turning a profit.
Whilst having the very latest tech isn’t always necessary, it’s impossible to do your job efficiently if you’re working on 10 year old computers. Invest in some updated technology to ensure your business keeps running smoothly.
This might mean upgrading your operating system, switching to laptops instead of desktops to allow for more flexible working, or investing in a work mobile phone.
Be careful to only upgrade the things you actually need and will find useful for your business. There’s no point buying a brand new iPhone if your current landline fulfills all your business needs!
Your business can’t continue to grow if your team doesn’t grow too. It might be time to think about hiring a new member of staff. Yes, it can be costly to add a whole new salary to your books, but it will pay off in the long-run.
Hiring a new member of staff will allow you to scale up your operations – whether that means manufacturing more products, taking on more clients or offering a wider range of services.
If it isn’t quite time to hire someone new, consider investing in your existing staff instead. Are there are training courses or conferences they could attend? Encourage your staff to learn as much as they can and cover their expenses – it will benefit your business as much as it will benefit them!
3. Office Space
Your hot-desking space or home office might have been perfect when you first started, but as your business gets bigger so will your need for a dedicated office space.
Look for an option that will suit you for the next couple of years – something that fits in with your current budget, but also allows a little room for expansion.
Having a fresh new space can also help increase your motivation and give you some new ideas to work on. Looking for your own new space? Give us a call and we can show you what’s currently available at Eskmills.
4. Business Advisor
If your business is doing well, it can be tempting to think you can do it all yourself. But in reality, running a business is a huge strain and a learning curve for everyone – particularly if you’re doing it alone.
You may want to consider investing in a business advisor or coach who can help you see clearly which areas of the business you may need to work on. There’s no shame in asking for help, particularly in areas you’re not confident with.
Not only is it great to have someone to talk to, your business advisor can also point you in the direction of useful resources, finance options and lots more.
Similarly, there’s no need to do everything by yourself if you have money available to invest in outsourcing. There are certain tasks that come with owning a business that very few of us enjoy – such as accounting. So instead of struggling and doing it alone, why not outsource your bookkeeping and accounting to a professional?
Not only will this free up time for you to work on growing other aspects of the business, you can also rest easy knowing it’s being taken care of by someone who knows what they’re doing.