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Prioritize your Re investments

Prioritize your Re investments

Reinvesting small amounts of money in aspects of your business that you know will give you assured returns, is one of many useful company strategies. It could be PR, marketing, or skills training and capacity building for yourself and your team. To reinvest such that you grow your business wisely, it helps to get inputs from well-established, more experienced entrepreneurs and professionals.

Travel, for example, is a good reinvestment. Ensuring that a portion of the money that you make goes towards meeting your clients face-to-face, is a sound practice. The quickest and most successful sells happen when the interaction is three-dimensional and in person. So, if you have to spend money making a trip to see a potential client or retaining an existing one, do it and continue to reinvest in it.

Get advice

To reinvest wisely, find yourself an advisor or a mentor. Reaching out to experts who can guide you and help you determine the scope for reinvestment is also a useful strategy. This can be accomplished in a number of ways, from networking at seminars and meetings, to availing yourself of assistance from any major bank’s SME services division.

Keep at it

Reinvestment isn’t a one-time deal. You have to be consistent in your efforts, because the rewards are cumulative and accrue over time. Just think about the things you’re funding: skills training, better infrastructure, client outreach. None of these activities or entities is immune to the pressures of a market that grows ever more competitive and specialised.

As long as change remains constant, so will reinvestment. It should therefore always figure in your long-term business plans, the key is to find the right time and the right amount to reinvest.

Prioritize your Re investments

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