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8 Tiny Investments that can Yield a Large ROI

8 Tiny Investments that can Yield a Large ROI

The most important aim for any business is to grow. And while there may be times when you feel that you have done all that you can, the truth is there is always at least one more step you can take to improve the way you operate. There are literally limitless ways to progress and thrive. All you have to do is find them.

And even when you don’t have much time or money on your hands (which is most likely what is causing the helpless feeling), you can still take certain steps that will bring in precisely that.

Investments

Here is a short list of eight investments you can try to tackle today:

Automate the process

Investing in technology in order to automate your business can yield excellent returns. Although you may initially need to fork out money for software and technology solutions, in the long run it will be well worth it. Try to automate as much as you can in your business: especially the boring and mundane ones that do not require human involvement.  

You can start by using time-trackers to see where most of your team’s time is spent, and then start looking for software solution that can tackle the issue. You can automate your customer service using an AI platform, more popularly known as the chatbot. Your email sequences or your newsletters and social media posts. And once you find an additional hour or so is now available every day, you can put it to good use.  

Consider running promotions, deals and specials

Although you will need to invest in them initially, these types of offers can often bring in more than you expected. Sit down with your marketing department and come up with unique strategies for deals, specials and promotions. This is an excellent way to rope in some new follower and customers.

In order to be eligible to participate in your giveaway, ask your followers or subscribers to tag a few friends in the comments. More traffic to you, a chance to win a freebie for them. Whenever you run a campaign like this, make sure there is something in it for you as well: ask your followers to spread the word. It will cost them a few seconds, and will have significant results.

Partner up

Consider partnering up with other businesses. Preferably someone who is not in the same line of word per se, but whose target audience coincides with yours. If you are a digital marketing agency, partner up with a design firm, or if you sell socks, partner up with a shoe company. Running campaigns together will cut down on costs for both of you, and you can just send foot traffic the other’s way, which will cost you literally nothing, but can help the other one out significantly.

Hire an accountant

Hiring an accountant will cost you money; there is no way around this. However, this is a very necessary component of every thriving business. In the long run, you will certainly gain more than you will lose.

Even if you are able to tackle all the financial aspects of the business initially. There will come a time when this takes up too much of your time. Plus, you will never be as skilled as a pro. They can help you figure out how to register for VAT and tax, and you won’t have to spend hours on end googling. And time saved is time that can be well spent.

Motivate your staff

The best way to make money is to incentivize your staff. Reward them for their hard work and good work. These rewards can come in the form of vouchers, days off, bonuses or a new coffee mug, as long as they are given sincerely and are a bit personalized, they will go down well. Once a year, you can put together a team building event and thank everyone for their efforts. Which will also be a great time for them to get to know each other better.

Pay for online advertising

Advertising online does not have to cost a fortune, and a well-placed ad can bring in a few easy conversions. You could choose Facebook ads, Google ads or run ads on LinkedIn, depending on your target audience. Make sure you do the targeting right, and these ads will soon give back what you have invested.

Evaluate your prices

One of the most important aspects of any business is its pricing. If people are coming in to your pricing page but not converting, you might be pricing yourself too high (or even too low). Make sure you check out what your closest competitors are doing, and try to find the right figure.

However, don’t forget to take into account how much you are spending on said service or product. If you need to cut down costs in order to be competitive, you might also need to cut down expenses in-house.

Taking any of this advice into consideration will certainly help you give your business that small boost it may need to get back on its feet and resume the fight. Good luck!

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