Top 5 Things New Business Owners Should Invest In
It always seems like no matter how well or poorly funded your new business is there is always someone who is trying to convince you of your need to buy something else that is “guaranteed” to bring you success. The purpose of this article is to give you the direction needed to make solid investments and get to what is important, here are the top five things a new business owner should invest in.
Publicity
According to Microsoft founder and chairman, Bill Gates, “If I was down to my last dollar, I would spend it on publicity.” Getting your brand name and product out to the public is imperative to business success. Invest in a marketing and publicity plan that is affordable, targeted, and useful. Finding the avenue of publicity and marketing will be up to you, but realizing your goals will help you understand where to look and how to evaluate the method or agency to use.
Consumer/Competitor Research
There are probably few things that directly affect the success or failure of a business than to have access to accurate consumer and competitor research. Once you have a good grasp of these there is little that can top your ability to appeal to and retain your potential customers and effectively target your competitors. Better yet, much of this information is readily available for the asking. With good analysis tools such as Google analytics, business owners and managers can finally get a good handle on the market segments they wish to reach as well as identify the competitors they want to beat in the marketplace.
Technology
In today’s competitive world, the benefits of technology is hard to ignore. Unfortunately, as anyone who does not live in a cave can tell you, there is so much available out there that it can be very confusing to determine what is needed and what is not. Tools such as a website can be critical to getting the attention of your public, and with a .net website development team, you can get a leg up on the competition quickly. Hire professional marketers to help with your online marketing, SEO, and local marketing campaigns.
Technology is going to be a great investment if you can see a result with in the bottom line. Technology that increases brand awareness and gives you complete access to your customers directly is going to be a worthwhile investment. If the technology that you are considering doesn’t offer that benefit, really examine the pros and cons to the investment before making that decision.
Quality Suppliers
If there has been a silver lining to the current economic situation, it’s the fact that many business owners and managers have learned the benefits of good supplier acquisition. It might seem obvious, but its importance cannot be overemphasized. Without good supply coordination between vendor and buyer, overstocks and understocks can create very serious money issues, since either create log jams in cash flow.
This list is not exhaustive, of course, but by keeping these investments uppermost in your list of “must haves,” you will come out ahead.
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Category: Business
