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
premium house cleaning Wilmette ..When you start your program to purchase your "ideal" company,... Read More
It's easy to lose sight of what needs to be... Read More
Q: A key investor in my business has suggested that... Read More
1. Largest Selection -One way that you can make your... Read More
One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory... Read More
So you've decided to write your own business plan because... Read More
We all know that nothing runs without a plan, and... Read More
Running a business, whether it be an offline multi-billion dollar... Read More
Many of Ohio's downtown areas are in need of upgrading... Read More
A well known, national chain of restaurants discovered that certain... Read More
There is so much small business information available today that... Read More
It is always said "If you Fail to Plan, you... Read More
Growth through acquisition should not be considered an option reserved... Read More
As a franchisor it is imperative that you seek, find... Read More
I recently took an organizational behavior class where my professor... Read More
A survey released by the American Institute of Certified Public... Read More
"Bozo" ? A clown with a forlorn look, always finding... Read More
In this small article we'll concentrate on farmers associations and... Read More
Please take a moment before you read any further and... Read More
This will make some people angry as hell, but it's... Read More
A business plan precisely defines your business, identifies your goals,... Read More
Franchised companies often require what some believe to be excessive... Read More
How important is a vision statement to your company or... Read More
Microsoft Great Plains, former Great Plains Dynamics is excellent fit... Read More
Microsoft Great Plains fits multiple services market niche and healthcare... Read More
personalized cleaning services Deerfield ..Many movies have been made about the tragic story of... Read More
Most companies that are worthy of raising venture capital have... Read More
Can you imagine going on a road trip without knowing... Read More
Much of what we heard in the mass media about... Read More
A survey released by the American Institute of Certified Public... Read More
If you own a mobile franchise business and wish to... Read More
There are no "rules of thumb" in the pursuit of... Read More
Why cut costs now? Efforts are multiplying to cut costs... Read More
Microsoft Great Plains fits multiple services market niche and healthcare... Read More
How you finance the expansion of your business is important.... Read More
When developing the competition section of your business plan, companies... Read More
Entrepreneurs often give little if any consideration to their computer... Read More
In today's rapidly changing and highly competitive markets, many privately... Read More
Note to Rite Aid and CVS: It's not about the... Read More
Running a business, whether it be an offline multi-billion dollar... Read More
Remember reading "Alice in Wonderland?"She asks the Cheshire Cat, "which... Read More
If ever there were an industry where we want zero... Read More
Here is an abstract thought on studying nature and the... Read More
Succession planning, like any business acumen, is both an art... Read More
Writing a business plan to help you direct and manage... Read More
The decision to sell, or not to sell your business... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
Let us look at a few of the big distribution... Read More
Obviously, there will never be an actual water shortage since... Read More
As fast as you can say business disaster, your business... Read More
Strategic Planning |