Have you ever been left with money at the end of the month, quarter, or year, and wondered what to do with it? Certainly putting it away for a rainy day is a great use of the money, but if your rainy day fund is already plump and you want to find a good way to use it now, we have some ideas for you. The best way to spend extra money is to put it back into your business in these five ways:
- Invest in educating you and your staff about what is up and coming:
Whether it be an online one-time class for everyone or a relevant conference for a few people to attend, investing in your continued education is so important. By having expanded and renewed knowledge about the services and industries you work with, you will be that much more valuable to current and prospective clients. It’s easy to find conferences for your profession by way of a quick internet search and we have found that they’re also a great opportunity for networking with other professionals in your industry.
- Invest in improved processes and technologies:
Having outdated softwares is one of the worst things you can do for yourself, your clients, and your employees. Reinvesting extra money into updated software is really something you’ll thank yourself for later…because eventually you might not have a choice whether or not you want to update. In addition to improving your softwares, with how technology-driven everything is becoming, having a reliable computer is almost a non negotiable. Do yourself and everyone around you the wonderful favor of getting a new computer if yours is clearly outdated.
- Work on having a better web and social media presence:
Investing money into a stellar website, SEO operations, and content writers is one of the best marketing tools a business could use. Let’s face it, not everyone has the desire or capacity to be good at web design and content creation. That’s okay. There’s plenty of people out there who really love doing these things and, thankfully, are really good at it too. As I mentioned before, everything is becoming technology driven and as that goes, if you don’t have a nice user-friendly website for someone to land on, the chances of your business growing are small. Use that extra money for something you’ll see nearly immediate results from.
- Networking groups, they’re really not that bad:
Networking groups are awesome, especially if you are a newer business or looking to grow. Not only will you be passing out more business cards and making more connections, you’ll be learning a ton more information about a variety of industries you might not have learned about otherwise. By meeting people you wouldn’t normally, you’ll have the ability to dip into their pools of clients/contacts that you don’t usually have access to.
- Retirement planning! It’s never too early:
If you are looking for another way to really take care of yourself and your employees, setting up a retirement plan is a great way to do so! Depending on the plan, it could be tax deductible and qualify you for certain tax credits. There are many types of retirement plans to choose from when you start this endeavor, so it’s important to do your research and decide what would be best.
No matter how much or how little money you might have left over, it can always be used to reinvest back into your business somehow. We have found that this is the most effective way to spend money, after all, you’re worth it! If you have any questions or aren’t sure how to implement these practices, feel free to reach out, or book an appointment with us!