We start businesses to take control and create a revenue stream comparable to self-worth. Often, our aspirations are altruistic – we want to give back. But, we begin falling down a slippery slope and ditch our original intentions when the profits roll in.
It’s a natural feeling to “take the money and run” when you’re a business owner. After all, you provided so much of the capital and hard work to get it to where it’s at.
We do this to improve the workplace environment. The funds empower our teams. We gain access to better resources. Ultimately, it spurs the ideas that allow us to grow. That growth would be thwarted if we were to stockpile our revenue and stick to aging practices.
A Calling (and Inspiration) to Re-Invest in Your Business
You’ll have no problems finding talent to fill positions if the money is right. Yet, one must wonder if every talented person is a good fit for the company culture. Are you vetting the individuals that’ll contribute to a culture of innovation? And the better question: are you leading this initiative?
Some of the biggest inventions in the past decade have been a result of creative free time. This is a block of time allocated for employees to explore their own ideas. During this time, they’re given company resources to experiment with their own ideas that aren’t a part of the company pipeline.
It’s not just about the possibility of creating innovative products; it also:
- Rallies the team by presenting new challenges that they’re personally invested in
- Helps you understand the passions of each of your employees
- Creates a fun, supportive and judgment-free environment
A business has time and money that it can use as investments. It’s absurd to expect optimal productivity from employees when we all know there’s downtime. This creative outlet – given in blocks – re-invests that time. It only seems like a waste if you’re short-sighted.
Cloud-based Mobile CRM
The cloud’s affect on mobile CRM has shown incredible promise for app integration, sales cycle close rates and reducing resource conflicts. A CRM re-investment takes your systems to the cloud and removes the physical barriers found when employees are locked into a workstation. Their ability to manage customer relationships on the fly greatly improves customer satisfaction – an experience often translating to improved sales and retention.
Personalized marketing uses Big Data to tailor a unique experience for customers. Systems pull customer data and present variable layouts, creative and copy. This improves interactivity and engagement based on previous experiences, trends and third-party factors like market-wide sales influence.
You’re already seeing this in small ways through the use of retargeting measures. The personalization tailors contact information, product suggestions and resources. It’s a way to create a professional brand while reducing tedious editing by implementing automatic changes from Big Data sources.
We mentioned how businesses stall when the owner holds capital and limits resources. One of these resources is the skillsets of the employees. You’re looking at two possible challenges in the future: a workforce comprised of legacy employees and sourcing local talent.
Legacy employees understand workplace requirements based on experience. Their intricate knowledge of their job and tasks are (almost) impossible to recreate with new hires. Unfortunately, these legacy employees are typically resistant to change. Failure to change creates outdated business practices, allowing competition to create a wider market gap.
Also, employees frequently change jobs. Each position exposes them to a new skillset, helping them jacks of all trades. Training refines desirable skills that these individuals have learned from previous positions, while creating job satisfaction by helping them grow professionally.
Ongoing training is one such investment that keeps legacy employees up to speed with the various changes in the industry. It also empowers new hires by aligning their fresh knowledge with effective business practices held by your company. Merging the old with the new will form a cohesive work environment that builds on the skills of another.
It’s Not All About Taxes
Yes, reinvesting in employees and resources helps with taxes, but it shouldn’t be the only positive you see in the action. The reinvestment into your workforce has a trickle-down effect:
- A happy, productive employee – empowered by modern resources – creates a stellar experience during customer interactions.
- Satisfied customers swell with positivity and place a greater authority on your brand while solidifying themselves as a lifelong customer.
- Social channels catch wind of these great experiences and turn them into referrals, leads and talented candidates that want to work for you.
- The process begins anew.
This four-step experience is the foundation of growth.
Combine these positive interactions with ongoing research and development, and your business will be on track to gaining greater traction within its industry. It also reduces the slide back that typically happens when a company begins to hoard their financial reserves.
There’s a Whole Lot More…
There are hundreds of small investments you could make that’ll improve your business operations, many of which can drastically improve your long-term viability. It’s a never-ending challenge, but one worth undertaking if you plan to build a better business.
Now it’s your turn.
What investments do you feel provided the most positive returns for your business?