Financial Management for Small Businesses

Growth Investment Opportunities Small Business Owners

can Utilize

As your business continues scaling, you’ll find the opportunity to explore further growth with enough profits and finances to keep your business afloat. Managing your profits and making sound investments within your team and company are essential in promoting additional growth. While there are plenty of investment opportunities for small business owners to explore, we’ve laid out a couple of them in this article:

1. Digital Marketing

With the continuous change in the digital landscape, more and more businesses have invested heavily in their digital marketing efforts which include search engine optimization, social media marketing, e-mail marketing, and much more. This allows businesses to consistently connect and accommodate consumers while providing them with a platform where they can get to know your brand. E-commerce website development has also been a developing trend for businesses to be able to reach a wider audience and showcase their products and services. An article from Aepiphanni says that it can even cut down on employee related costs.

Figure out which channels are most effective for your business and utilize investing in digital marketing to grow your business further.

2. Employee Training

With additional funds on hand, you can also consider investing in your employees and boost their productivity and skill levels with trainings and workshops that are relevant to their roles in your company. By investing in your own people, you not only increase their skills but also, makes them feel more valued for what they can contribute to your business which in turn, increases their efficiency in their current roles.

A paper from the International Journal of Social Sciences & Educational Studies has cited the direct correlation of training and development to job satisfaction and how it positively impacts businesses.

3. Launching Networking Events and Seminars

Placing your budget into launching events wherein you can build relationships with other entrepreneurs can also be a way of diversifying your financial assets. Many business owners might think that networking should come after you’ve build your business up, however, by networking, you actually boost your brand and label yourself as an expert in your field.

People like doing business with people they know. Networking allows you to get involved within your local community and industry. By getting known through these events, people are more likely to do business with you and even send referrals your way. Not only is it possible for you to get to know more clients, networking also serves as a way for you to get to know other businesses which may lead to favourable deals for your company.  Or the possibility of establishing strategic alliances.

4. Accounting and Finance

The two words that give headaches to every business owner.  Coming from a growing small enterprise, it might be time for you to invest in someone to do the accounting and finances. The circumstance must have been easier when you were working with a team of two or three people, but as your business grows, you’ll find working on your finances to be a bigger hurdle.

By either hiring an in-house accountant, or outsourcing your accounting needs to an accounting firm, you get the expertise that your business requires as well as advice on how your business can do better financially.

Effectively managing your finances will yield the best results and in the long run, create even more money for your business. Not sure where to start? WistBooks provides a free 30-minute consultation to help you get started. Get in touch with us and start your business’ financial journey today.

WistBooks provides integrated Bookkeeping, Advisory, and Financial Management services that leverage financial data to help small businesses execute a winning strategy. Through Quickbooks Online cloud accounting, financial dashboards and regular online advisory sessions, we support business owners and leadership in maximizing their financial decisions to maintain and support company growth.

From now through June 2020, we are offering all new clients a 10% discount on any service for the first year. Remember to mention WistGift to receive your discount.

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