Consumers these days are feeling more confident, a condition reflected in positive business banking account balances, increased foot traffic and new demands for inventory. Rather than sitting on additional funds and letting them languish, the trick for small businesses and bigger ones as well is finding smart ways to put this money to work.
Make way for the web
It's no surprise that one of the best ways to make money grow is to find online resources ripe for the picking. Designing a corporate website and web store, increasing email and social media marketing drives and focusing on low-cost initiatives represents smart investing with a maximum return per dollar, according to Power Home Biz.
Designing these online experiences should be given as much care and attention as possible, Inc. Magazine pointed out. Creating an online presence may not be difficult, but repairing the damage from a misguided website or poor advertising campaign can be devastating to smaller entities.
Customer service opportunities
Instead of focusing on what an owner wants for the company, there should be adequate time given to customer input and desires. Shaping a business to meet client expectations can help retain current shoppers and draw in more through word-of-mouth and good experiences.
The National Federation of Independent Businesses (NFIB) wrote that one of the major warning signs of misguided expansion is alienating the customer base. If the people who usually shop with you are indicating displeasure, look into the matter closely and work to make these regulars feel valued and acknowledged. It may not be possible to tailor every customer experience perfectly, but consumer metrics and other strategies can help put even small entities into the competitive arena.
Get bigger shoes
One of the most obvious ways to increase impact is to add store space, either by putting an expansion on an existing location or building a new store entirely. Entrepreneur Magazine wrote that building a new retail space in addition to the original store gives a company more geographic reach and access to new markets, hopefully thereby doubling income and marketing scope.
The source pointed out that it's important to monitor these kinds of investments to be sure they remain lucrative. As the construction industry begins to recover, pricing is strongly in corporations' favor, so acting now with a strong financial plan could turn a small business into an aggressive retail entity.