As an entrepreneur, you have a lot being thrown at you. People want you to use their tools and solutions, customers are demanding, and there’s so much contradictory advice on what you should do. Thankfully, there’s some sure-fire wisdom for what does work. By putting your money in the right places, you can enjoy much better results.
With that being said, here are five financial investments an entrepreneur will never regret.
1. Networking Materials
Networking comes first. As an entrepreneur, it’s all about who you know – and you can’t afford to take this responsibility lightly. That’s why we suggest that you spend time carefully choosing high-quality networking materials to help you in your pursuit of building personal connections.
Start with business cards. Even in a digital age, these physical tokens have a purpose.
There’s a big difference between flimsy, cheap business cards and high-quality ones. While it’ll cost you a few bucks more to invest in the latter, it’s well worth the investment.
2. Highly Engaging Website
Your website speaks volumes about you and your company. You can use a premade template or a free layout, but your brand deserves better. Invest in professional web design and you’ll immediately elevate your brand’s image. Again, the cost for personalization is higher, but so is the return.
3. Talented Employees
You are only one person. And while you may be the most influential and powerful person in your company, you need other talented people surrounding you. That’s why every successful entrepreneur will tell you how important it is to invest in people.
More specifically, you should be hiring talented employees and then empowering them by investing in continuing education and ongoing learning. “With the rapid pace of today’s business world and the fast-changing environments in which we’re all competing, success truly rests upon our people’s ability to solve new and ever-more-complex problems,” says Diana O’Brien of Deloitte Consulting LLP. “Continuous learning is essential to gaining this competitive edge.”
4. Unique Packaging
Details matter – and if you’re selling physical products, it pays to be meticulous in how you design your packaging. This can seem like a small thing, but remember that customers often make purchasing decisions based on packaging and how different designs speak to them. If you’re ignoring the significance of packaging, you’re watering down your brand and directly hurting your sales.
5. The Rule of 200
Most entrepreneurs aren’t naturally drawn to sales. They’d rather build a product, run the company, or work on creative elements related to design. However, the reality is that you can’t run a successful company if everyone – from the top-down – isn’t fully invested in sales.
While your rule may be of 100, 300, or 500, the important thing is that you’re regularly reaching out to potential clients and building new customer relationships. This is the only way to build a sustainable business model that’s constantly moving forward.
Put Your Money to Work
If you’re going to spend money on things that are designed to grow your business and/or personal brand, then you better be sure that you’re getting the maximum return on investment.