Should You Invest More In Your Business Now?

As a business owner, you set goals and some are more easily attained than others. There will come a point that you have a strong need, feeling and desire to catapult your business higher. But how do you plan for growth? How do you know when you should invest in your business?

Even if you have a plan in place you might feel that it’s risky or you might be enjoying the stability and don’t want to lose it yet. However, remember if you are too slow to adapt or respond to changes, your competitors may leverage the opportunity. Keeping an eye out for emerging trends and changes is an important piece of managing your own business.

Do you feel like you are at a growth stage in your business and are wondering about whether to invest or not? Maybe you aren’t sure if it is the best decision for your business? Here are some signs to look at when considering whether your business is ready to invest (even if you are not).

Signs that your business is ready to invest

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#1 You’ve met your initial goals

If your business has been profitable for at least three years, this might be a good time to invest back in your business. You should take a look at your business plan and assess what goals have, or have not, been achieved. Have you achieved the majority of your goals? Are your sales improving? Or are you getting more reach and acknowledgment?

If there are several goals you haven’t met yet, are they necessary to be completed before your expansion? Or would an expansion especially benefit fulfilling these goals?

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#2 Do your research

If you have done your research and concluded that your competitors are pulling ahead of you, then it may be time for a change. If you don’t want to change due the feelings of security that the current consistency of your business gives you, it could be your downfall. Risks are opportunities for your business’ growth, even if things are good right now.

Obviously, this doesn’t mean that every time that your competition does something differently you need to make changes. We mean to say it’s important that you’ve “done your research” and know the big & important changes in your market/industry. So get ahead of your competitors by adapting to those changes first and gain a competitive advantage!

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#3 Watch your bottom line

Even though you might have a profitable business, keep in mind your basic business needs before taking a leap into investing. This is all for the sake of security! You do not want to invest more than you can (especially if you are a startup that is rapidly expanding) as during an expansion profits can drop. Make sure you have that additional capital, so you can sustain yourself during your growth period.

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#4 You have a loyal customer base

If you have repeat customers and that is a good sign indicating their satisfaction with your business. This generally means that there is a high demand for your products/services and investing in the business is likely to yield good returns. Consider adding related products/services to your business or requesting feedback from your customers. This is also when you should consider that as your business’ reputation grows, can you handle all the business that is going to come your way?

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#5 Experiencing more business than you can handle?

This can also mean that you (or your employees) do not have time to fill all the customer needs. If you have more busy than you can handle or if you are too busy to get new business (not a bad thing but you can always get even more business), then it is time to expand your business. Perhaps you can think about growing the team to ease the time that it takes for you do finish certain business processes. This way you can focus on your business’ future and your plan for its growth.

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# 6 You have established a great team

This is one of the scariest decisions for small businesses, to delegate control. For start-ups or new business owners, their business might feel like their baby that they can’t trust someone else with it. If you are feeling overwhelmed or starting to never get through your to-dos and feeling a burn out approaching (even though your business successful), it is time to expand your business and reach for help. Think about the business processes that you can easily delegate to someone else and prioritize. You can always have the last say, you don’t need to make all the changes you just need to make one crucial change. Embody the supervisory role instead of a hands-on role. You will see that in time as your new help settles in, you will become less overwhelmed and more efficient.

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#7 Special Ops (systems in place)

If you got your team in place, make sure that you have operational systems in place too. Make sure you map out your business processes and identify roles and responsibilities. Create detailed documented processes so that new employees can learn quicker and so that your business can remain running effectively.

Do you find most of these signs relatable to your business? Then it is time to invest in your business!

Ways you can invest in your business

  • Consider hiring a virtual assistant/assistant
  • Hire new employees or consider an intern
  • Hire or outsource the optimizing of your business processes
  • Refresh or rebrand your brand to reflect your growth
  • Invest in high-quality photography
  • Launch a new google ad-words or social media campaign
  • Is it time for a brand refresh?

Who am I? 

I'm Gina Dunn, Brand Strategist and CEO of iGina - and my mission is to help entrepreneurs to define and build brands. Let's bring your brand to life!

Did you know that brand-led businesses outperform their competition by 83%? Get started by mapping out your very own brand strategy yourself with our Brand Canvas - get it here.