Is there a 'magical' way to exponentially grow your business?
It's about the timeless business principle known as "Re-investment".
Look, one of the most exciting times for any new business is the time when effort begins to pay off. Finally, the sales are coming in and you have profit to show for all your hard work. It is very tempting during this time to splurge those profits...
But you've to resist this urge and stop!
You do deserve a reward. You deserve the greatest reward of all: a highly profitable, growing and thriving business with LONG-TERM stability. You deserve to take your business from where it is to where you dream it to be.
Again, one quick and easy way to close that gap between reality and desire is simply by re-investing a potion of your profits back into your business.
It's the same for any business offline, and it'll be the same for any successful business online.
Let's look at why this is so.
Every business requires a minimum budget to get off the ground. Likewise, every business requires an expanded budget in order to grow and increase profitability. Remember that your budget covers more than 'operating expenses' and advertising. It is also there to cover the purchase of new software, fund new projects or your continuing education.
Keeping this in mind, what are some areas you can reinvest in:
* Increased Reach and Exposure
When you begin with a small budget, your advertising options are naturally somewhat limited. Once you have the money to re-invest you can begin testing new channels to deliver your message. This may mean placing an ad in an ezine you couldn't afford to before, or even taking your efforts offline to print and radio advertising.
* Expanded Tactics and Improved Testing
You have the opportunity to try out new approaches. You also have the opportunity to increase your current ad spend in existing campaigns and test the results. This is critical especially in pay per click advertising. For example, your minimum daily budget for a Google Adwords campaign affects the number of times your ad is seen and clicked on. A simple increase in your daily budget may turn a mediocre campaign into a winner.
* Rapid Growth Through Efficiency
There are any number of tools you can invest in to improve how you organize your business, how you manage customer service and even how much tracking of sales and traffic you can accomplish.
Anything which shortens the time you spend on the detail work of your business means more time to focus on the activities which improve your bottom line.
* Improved Products
You must constantly strive to create new products and improve on existing ones in order to remain competitive. Perhaps your first product didn't quite fit your vision? Perhaps your web page could use a tune up? You can re-invest in improved graphics, improved design and other multi-media enhancements. This not only makes your product more attractive, it also increases its value and what you can charge for it.
The principle of business reinvestment is really about profitable growth through momentum and careful planning.
A business is very much like a seedling you want to grow into a tree. It requires air, sunlight, water and food. You tend to it and nurture, even when the immediate benefits aren't obvious.
This is because you know the tree WILL one day bear fruit all year round.
When you tend to your business with the same care, every cent you invest will return to you ten-fold and bear profit for years to come.
If you've been doing this, great...
If not, maybe it's something to think about, starting right now.
Copyright 2004 Ewen Chia
About The Author
Ewen Chia is the CEO of Instant Marketing Secrets Inc, delivering real-time uncensored marketing content to help marketers skyrocket their traffic, sales and profits. Sign up for more profit-pulling marketing letters, tips and strategies instantly here:
http://www.instantmarketingsecrets.com
on demand house cleaning Winnetka ..The day you decide to take the plunge and work... Read More
It's easy to lose sight of what needs to be... Read More
Anyone who has been watching the Idaho Market Carefully for... Read More
I'm not talking about posting the HBO schedule on your... Read More
Strategic planning and consulting is the strategy roadmap to manage... Read More
From time to time there seems to be a flurry... Read More
We all agree Strategic Planning is a critical part of... Read More
You have invested a lot of time and energy on... Read More
The format of a Business Plan is something that has... Read More
In 1997, David Steele was making the transition from a... Read More
Twice a year, Bill Gates goes to a remote island... Read More
Is there really anything as a problem? Does chaos or... Read More
If you're a solo professional like I am, you know... Read More
So you've decided to write your own business plan because... Read More
Obviously, there will never be an actual water shortage since... Read More
Many of us are discouraged by the networking events that... Read More
How important is a vision statement to your company or... Read More
The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating... Read More
Want to become more strategic? Add these traits to your... Read More
Part 1A few weeks ago I attended a seminar sponsored... Read More
Many very successful business owners may never have had a... Read More
When in doubt, cut that out! Yeah, yea, doubting Thomas... Read More
One of the key challenges for any business is to... Read More
This week I coached a wonderfully lovely woman I'll call... Read More
No "meme" isn't a typo and Got Milk, the more... Read More
house cleaning near Wilmette ..In Ohio: besides the 3-Cs you should look at Akron,... Read More
There is a story, about a business owner who wasn't... Read More
Businesses tend to avoid doing their annual business plan thinking... Read More
Writing a business plan for a franchised outlet of a... Read More
Private equity firms have raised so much capital over the... Read More
There are no "rules of thumb" in the pursuit of... Read More
Writing a business plan is an essential part of the... Read More
The University of Exeter in the United Kingdom recently published... Read More
Making money doesn't make your reputation... your reputation makes you... Read More
Mobile auto detailing equipment becomes very inexpensive around March each... Read More
The foundation of any business transaction is the promise of... Read More
You might be thinking to yourself, "Why should I waste... Read More
Microsoft Great Plains does wonderful ERP job for horizontal markets... Read More
The new check cashing instant clearing will take some time... Read More
A strategic alliance is when two or more businesses join... Read More
Note to Northwest Airlines ? It's not about fuel costsFor... Read More
Running a business, whether it be an offline multi-billion dollar... Read More
Business planning is widely acknowledged as one of the keys... Read More
Would you like to jumpstart your online or offline business... Read More
Strategic alliances are increasing at a rapid rate. It is... Read More
"Rubbish!" shouted the large, aggressive man in the red-striped shirt... Read More
Experts estimate that 90 percent of Australian businesses are overspending... Read More
Succession planning, like any business acumen, is both an art... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
We have been spending many hours surveying the market for... Read More
Strategic Planning |