Making The Right Investments
It pays to invest into your own business. Naturally, that statement is practically a mantra around Synergy Merchant Services. Our years of experience with working with small and medium-sized business owners in Canada have proven that. When entrepreneurs decide to renovate, expand, advertise or buy new inventory, it all leads them towards greater successes.
This is why we are so very proud of our merchant cash advance program. It has literally become the quickest and easiest way for Canadian business owners to attain the extra working capital necessary to take their businesses to the next levels of success. No collateral, liens, interest rates or fixed repayment schedules are necessary. Just the willingness to try something new.
Small business expert, Stephanie Chandler understands that many business owners can be hesitant about spending money to grow their companies. Naturally, they all want to make sure that their will be returns on their investments. So how can one ensure that they are making the right investment?
There are several ways to determine this, of course. On ProPublishingServices.com, Chandler writes about the numerous ways that business owners can turn cash…into cash! She lists marketing and advertising as the first area where returns on investments should be considered.
It’s important to research various advertising avenues to determine which ones will bring in the most customers. As she writes, “it doesn’t make sense to spend thousands on an ad that will only generate a few hundred dollars in sales.” However, “it does make sense to narrow the focus of your efforts and spend what you know you can earn back.”
You’ll want to advertise in such a way that it attracts new customers. You will also want to consider how much you believe your target customer will spend once he or she visits your store. So, for example, if you spend $100 on a classified ad that you think will generate at least three more customers who will spend $35 each, you’ve made a profitable investment.
Chandler also recommends investing your money into trade associations and networking events. By participating in these events, you will be able to develop important business partnerships with other business owners. And, by doing so, you may find that the growth of your own business will easily pay off any membership fees you may incur plus more.
We’ll continue to take a look at this topic in tomorrow’s blog.