We’ve all read about those bold new Silicon Valley startups who raise absurd amounts of capital from early investors long before they ever deliver an actual product. These stories often get up the hopes of small business owners, but these mythical startups are absolutely the exception, not the rule. For the typical new or small business, budget is always a pressing concern, and a lack of it, or its mismanagement, is one of the most common reasons for revenues to plateau or for businesses to falter completely.
So what are some strategic places to invest to see increased revenue? Here are our top three:
You might be missing out on the top talent needed for your business because you aren’t in the fiscal position to attract the best. This could mean having enough in the budget for overall increased salaries to meet market demand, offering better health insurance options, or benefits that help strike a better work/life balance like vacation time. Adding an ATM onsite at your business offer greater flexibility and better service to your customers while providing an additional revenue source stream for your business that you can then reinvest in your people.
Your business might need a complete renovation, either for safety or just aesthetics, though luckily most are just aided by the smart purchases of new equipment and furnishings. This could mean more efficient appliances for restaurants or improved software and hardware like an updated POS system. The goal will always be to streamline processes and make for an overall better customer experience.
It doesn’t matter how good your product is or your people are if no one knows that you exist. Updating your website and adding a secure payment gateway will allow you to market more effectively to your customers online. Loyalty and gift card programs also open up an entirely new channel of marketing to your customer base.
If you’re ready to grow, but need assistance with figuring out areas to improve your revenue streams or increase productivity , then contact us to learn what loan options Holman Business Services can offer you.