With the tax cut comes, hopefully, more money into your business accounts. You have two choices with this new-found cash – you can invest it, or let it continue to sit in your account. We’ve seen some companies vow to spend the extra cash on employees while others will be buying back their own stock. Here are some other smart ways to invest those extra funds:
Invest in the right employees
“But Ashley, shouldn’t I invest in all of my employees?” Fair question, but no. Investing in your team players, the one’s living by your company’s core values is where you’ll see the biggest return on investment. Create employee-incentive reward programs. Invest in training.
If you have a ton of sub-par employees, invest in building a team of rock stars. The less than stellar employee, whether in the board room or the mailroom, is bringing the whole company down. The sub-par employee is going to be the one with the higher turnover rate, costing you more money in the long run. Investing in a rock star team is the way to go when building your business for the long-term.
There is no escaping technology. Take this time to invest in the latest technology for your company. That could be VR, a new POS system, new machinery, etc. Attend a trade show and see what sparks your interest. What would make life easier for the employees, while making things smooth for customers, while also increasing the sales? Find that piece of tech and bring it on. You’ll never regret investing in technology.
More and more we’re seeing companies invest in sustainable practices. People are becoming very aware of the impact they have on the environment and are looking for companies doing the same. I remember when I was first apartment searching many moons ago, none of the places talked about being a green apartment. Now, most places list how they’ve gone green and find their empty units filling faster than the non-green competitors. Reducing your carbon footprint is a great way to not only help the environment but to also bring in more customers.
I know as Americans we assume that most of the world speaks English. While it is true that large majority of people outside of North America can speak English, it may not be their primary language. According to the Census Bureau, over 350 languages are spoken in homes across America. If you have a product that could benefit those who speak German, French, Italian, Arabic, etc. than invest in having content translated into those languages. There is a global market out there for you to reach, don’t let language barriers be a deterrent.
Change it up physically
Maybe you have a building you’ve been eyeing up. Maybe your restaurant needs an expansion. Now is the time to change the business up physically. Expand the building. Upgrade the ceiling. Buy some property. Your consumer will appreciate the effort into your physical space.
I’m a huge fan of Sand Cloud. All my water bottles, towels, etc. are from Sand Cloud. Why? Because they give 10% of profit to a charity focused on beach cleanups and preserving marine life. As a lifelong oceanside resident, I feel very strongly about their brand. Yes, their towels are more expensive but I’m willing to spend more because of the mission.
When you add a social element to your business, you not only feel great because you’re helping change the world, you’re also going to bring in more clientele.
If you’ve ever watched Shark Tank, you’ll see a large majority of social entrepreneurs walking away with deals and they typically have a large amount of sales.
People are more aware of what is happening in the world these days, and they tend to feel more passionate about certain issues. Find your something and share it.
So how will you be using the tax-cut in your business?