According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
Synergy Merchants is committed to offering small and medium-sized business owners in Canada opportunities to make their dreams come true. All entrepreneurs dream of growing their businesses and therefore, seek the necessary extra working capital to pull off their plans. With so many banks turning these business owners down, we’ve practically made it our mission to ensure them that they have another funding option. That way, they can invest in their businesses.
What are some of the best ways to invest in your business?
One thing is for sure: a smart marketing plan is one that greatly utilizes the power of the internet. Even if you haven’t yet converted your company website into an online store, it’s certainly wise to have your website updated regularly to coincide with your store’s latest sales and events. Not to mention, with so many Canadians hopping online to browse items and compare prices, it’s definitely advantageous to invest some of your extra working capital into digital marketing.
“Digital marketing is always a smart investment of profit, when it’s done well,” says John Boitnott on Entrepreneur.com, “Many of the startups I’ve seen over the years wait several months before they do any real investment into marketing. Sometimes it’s because they just don’t know where to start. You can’t lose by investing in performance metrics. Always keep track of your campaigns and adjust them accordingly.”
When is the last time you renovated your store?
While we will continue to champion online marketing, never let it be lost on you that your brand’s image will weigh heavily on the customer experiences had at your physical place of business. Of course, many retailers still thrive on their brick-and-mortar sales. So, just as important as it is for you to continually strengthen your online presence is your attention to the way in which your store looks. Investing in renovations is tried-and-true business-builder.
“Renovated space peaks the interest of local people,” insists Peter Furhmann of Furhmann Construction Group Inc., “That new eye catching look is your ticket to more clients. On the other hand, you get to impress your existing clientele who get to recommend you to other possible new clients. It also provides an additional promotional opportunity because having renovated space to talk about provides a basis for a new advertising platform.”
You’re only as strong as your weakest link.
It’s such a cliché, isn’t it? Well, that doesn’t make it any less true. If you’re not ensuring that each and every one of your team members is committed to adhering to your company’s mission statement, you won’t be able to grow your brand at the pace you dream of. In some cases, you’ll need to strengthen your team by reducing the weak links and rebuilding with top talent. Investing in smart hiring practices is a great way to utilize your money.
“Building a better workforce will streamline your business, improve productivity, and create the kind of company culture that will attract hard workers,” writes Boitnott, “Reinvest profits in human resources initiatives such as training and continuing education. As your company grows, you can expand to include benefits packages and other discounts. Investing in your employees early on will help you reduce turnover.”