4 Ways to Use Cash to Your Business’ Advantage

By Keilyn Mancilla| Feb 5, 2020| 3154 Views
4 Ways to Use Cash to Your Business’ Advantage

Whether you have been a business owner for a few months or many years, it might be a good idea to consider how you can grow your business. No matter your budget, there are many ways you can increase sales, build revenue, and improve the reputation of your business. Here are a few ideas.

Invest in Marketing

Marketing includes everything from branding to promotions to advertising. It helps customers find you and understand why they should pick you instead of your competitors. A modest investment in marketing can reap significant gains for your business.

  • Search Engine Marketing. You can specifically target the types of products or services you offer. Google Ads and Microsoft Ads are great for targeting specific geographic locations while having the ability to control your budget.
  • Social Media Ads. Put your product or service in front of thousands of members of your target audience each month by investing in sponsored social posts. Even a small investment in social media marketing can increase brand awareness and website traffic.
  • Email Marketing. Regardless of industry or business size, email marketing is a tactic that has a high potential to produce a high return on investment. Invest in a marketing platform, such as Constant Contact or Campaigner, which cost between $20 and $50 per month.
  • Develop Your Brand. A brand is much more than a logo; it’s everything people see, hear, and think about your business. Invest upfront in developing a brand that is consistent and stands out.
  • Powerful Marketing Materials. Invest in professional business cards, literature, signage, and uniforms for your employees.

Don’t jump straight into marketing tactics without establishing a solid foundation. Perform market research and plan your marketing strategy. Most importantly, focus on consistent, repetitive branding in all of your marketing efforts.

Don’t jump straight into marketing tactics without establishing a solid foundation.

Improve Your Business' Online Presence

Don’t miss out on potential sales and gaining loyal customers. Hire someone who can optimize your website to provide a good user experience and use SEO to help your website rank high in google searches.

  • Optimize your website. You want your website to be mobile-friendly, load quickly, include a click-to-call button, have updated information, and is visually appealing. In addition to this, make sure your website is search engine optimized. If your business composes of primarily local customers, try local search engine optimization is to help your business appear in search engines on a local level.
  • Social Media Presence. You will want to choose your social media channels wisely, focus on one or two primary social media channels that you can easily manage and grow.
  • Claim and verify your business on Google. Companies with an optimized Google My Business listing average 7x more clicks and are 70% more likely to attract location visits.

Automate Business Processes

As a business owner, you need to keep your eye on various aspects of your company. Manually tracking transactions is time-consuming. Make your business more efficient by investing in some software to help automate different processes. Take existing manual processes and slowly insert tools to improve them. Look into a Customer Management System (CMS) or a Sales Tracking Software.

Attend Industry Tradeshows

Tradeshows can be a great way to grow, too, but they do cost money to attend. With this investment, you can network with others in your industry and stay up-to-date with the latest in the industry. Tradeshows can take time away from your business, so be selective about which shows you attend. The trick is to visit the tradeshows that are the closest in your industry and are the right match for your product or service.

Look at popular trade publications, websites, and even social media platforms to get informed. Once you have a tradeshow or two you know you’ll be able to attend, make sure to book flights, hotels, and rental cars early. The show you’re going to might be a big draw for the town and prices will start to skyrocket the closer you get to showtime. Check out this tradeshow guide for helpful tips for making the most out of a tradeshow.

Find What Works For You

Reinvest that cash you have on hand to further support your business’ growth. There are many ways you can grow your business, start implementing different things to discover what works best for you and your business. The time is now!

Keilyn Mancilla

Keilyn Mancilla

As a marketing coordinator, Keilyn collaborated with Beacon Funding industry experts to write informative content about equipment financing that helps business owners in the commercial truck and decorated apparel industries.