All business owners need to spend money to make money. But, of course, achieving success all depends on how that money is spent. What are the best avenues for your business to take in order for it to grow? Is it advertising? Renovating? Expanding? Buying new equipment? You could make a case for all of the above and more. However, there are a few things that all small business owners should consider when it comes to how to allocate their budgets for business growth.
Here are three smart ways for small business owners to spend their money:
1. Customer research. You’re nothing without your customers. Does that even need to be said? No matter how confident you are in your products and services, you need to be able to make sure that they are meeting the needs and addressing the concerns of your customer base. It’s of vital importance that you know what makes your customers tick. On his website, marketing consultant, Matthew Kimberley speaks to the importance of getting to know your customers.
“Spend a little on knowing who your customers are,” he advises, “As a small business owner, you have two crucially important assets. There’s your product or service and the rights associated with it, and there’s your database of leads, prospects and clients. Imagine you had to give one up…If you’ve been in business for any length of time, it’s likely that you’ll drop all rights to your product and keep your hungry buyers…But a frightening number of small business owners have no structure in place for knowing who their clients really are, or what makes them tick.”
2. Trade shows and conferences. It’s hard to argue that there is a better way to interact with customers and other industry professionals than face-to-face meetings. The more opportunities you get to interact with them personally, the better you will be at positioning your business as a top choice in its industry. As Adam Fridman points out on Inc.com, registering for trade shows and conferences can be expensive – but it’s worth it.
“If you can afford it, get a booth,” he recommends, “Or, better yet, be a sponsor. The access to experts, insiders and, yes, press can be a great investment. If you sponsor, tell the organizers why you’re investing–press, customer exposure or something else? Be clear. You can make a nice splash at a regional convention for $7,500 total.”
3. Website design. Never let it be lost on you that you live in a very digitally-crazed, internet-obsessed world. More likely than not, your customers have conducted some online research in order to browse items and compare prices in the past. If your company website isn’t up to snuff, your business is bound to get overlooked. Be sure to have your website regularly updated with fresh content and keeps its design on the cutting edge.
“All the marketing you do will be for nothing if I come and check out your home-base, or your website, and I don’t like the look of what I see because it appears you hacked it together yourself using free tools and badly-chosen typefaces,” warns Kimberley.
Not all small business owners have the financing necessary to follow through on their plans to conduct customer research, register for trade shows and conferences and keep their websites updated. This is where Synergy Merchants’ merchant cash advance program can be a big help. We offer Canadian business owners opportunities to attain the extra working capital they need to grow their businesses within 24 hours!
For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.