A new year is right around the corner and that means it’s time to start thinking about our goals for the coming 12 months. For many business owners, one of the top priorities is finding ways to invest in their company and ensure its continued success. But where should you invest your hard-earned money? Let’s take a look at a few possibilities.
One of the most important investments you can make in your business is in marketing. After all, what’s the point of having a great product or service if nobody knows about it? A well-crafted marketing campaign can help raise awareness of your brand and attract new customers. If you’re not sure where to start, consider hiring a marketing agency to help you create a plan that best suits your needs and budget. A good benchmark for your marketing budget is to take 8-13% of your projected revenue in the New Year. This will allow you to put your marketing dollar to work for you and continue to create the revenue growth you desire.
2. Personal Growth
I’m a firm believer that your business will grow and evolve only as much as you do. That means it’s crucial to your business’s success for you to do your own personal and professional development. Following Jim Rohn’s rule of thumb, take 30% of your 2022 revenue and invest that dollar amount back into yourself this coming year. Curious where to invest? A great starting point is to hire a coach, especially if you don’t have one yet. Other places can be trainings, masterminds or courses specific to what areas you want to grow in. This will allow you to consistently grow along with your business.
3. Employee Training
Another important area to consider investing in is employee training. When your employees are up-to-date on the latest industry trends and have the skills they need to do their jobs effectively, it can do wonders for your bottom line. Not to mention, it helps create a positive work environment and happy employees who are less likely to leave for greener pastures. Additionally, if you’re looking to grow in the New Year make sure your sales team has the training they need to set yourself apart from your competition and create exceptional customer service.
These are just a few ideas to get you started on thinking about where to invest in your business this year. Of course, every company is different, so be sure to tailor your decision-making process to what makes sense for you and your business goals. And don’t forget – even though it may not seem like it at first glance, investing in yourself is also crucial for ensuring the continued success of your business. So make sure to schedule some time for professional development this year as well!