The end of 2018 is quickly approaching, and with the new year comes the perfect time to set new goals for your growing small business. If you did well in 2018, it’s possible you’ve got a bit extra cash that you can invest back into your business in the coming year to hopefully grow your existing profits. While there are many options for investing in your growing enterprise, these are some of the best ways for you to put your excess profits back into your business so that you can see even more growth in 2019.
- Inventory: At the core of every business is its product and services, and this is one of the most straightforward ways to invest in your own enterprise. While some of your product might sit around before being sold, you’ll be able to sell your inventory for greater profit down the line, making this well worth the spend.
- Advertising: You might already have the basics for advertising covered, but there are always ways to improve. Have you set up an on-site sign yet? Research shows that the value of an on-site sign is the same as 24 full-page newspaper ads each year.
- Operations and Efficiency: If you’re looking to put your extra profits to work, use them to fix gaps in your operations and workflow, such as in your workplace’s timekeeping. The U.S. economy loses an estimated $7.4 billion per day (or 50 million hours) due to improperly filled out timesheets; make sure yours are optimized to maximize your profits.
- Employment: Employees are truly the backbone of any small business, and making sure your growing company is well-staffed can keep you on solid footing for the new year. Whether you have enough money available to hire a new worker or if you’re simply planning on improving your training process, an investment in employment is beneficial for the long-term viability of your company.
- Workspace: Finally, if you’ve got a bit of cash to spend, why not improve your workplace environment? Whether that means updating your store to draw in high-spending customers or simply making your employees more comfortable in the office with new chairs, the space you work in matters. Even if you run your business from home like 97% of U.S. Etsy sellers, investing in this can make visible changes that show you, your employees, and your customers that you care.
Regardless of how much money you have to invest at the end of 2018, there are plenty of ways to capitalize on this year’s profits to maximize next year’s earning potential. Use these tips to make sure this year’s excess profit creates even greater things to look forward to in the new year to come.