Like a large ocean liner, from the moment of opening and through all stages of growth, there is a constant need to review and stay on course.
And for that, today I share you at least 7 fundamental investments that every entrepreneur should make to lead their business to success.
- Invest in training for yourself. One of the most important characteristics of a good entrepreneur is knowing the business and for this you must train yourself. There are many important topics that you must handle to develop your business such as: administration, accounting and finance, electronic commerce, sales and others. Make sure to always reinvest a percentage of your earnings in preparing yourself better and of course, this also applies to staff in all areas. Have you considered the possibility of improving your English? or how about something about international trade?
- Invest in a website. It is said that nowadays businesses that are not on the internet are as if they did not exist and although personally it seems to me a somewhat extreme statement, if I consider that the presence of a business on the web is important. The good news is that setting up a page with basic information about your company or business does not require a lot of money as there are many free resources for it. However, you will need to pay a few hours to a technician who knows about the subject and helps you do the job. However, it is an investment that in the long term will pay off by attracting clients that you did not imagine before.
- Invest in quality staff. Depending on the size of your business sooner or later you will need collaborators and then it will be time to invest in human resources. It is also said that big businessmen are always surrounded by people “smartest“Than them. If you need a secretary, an engineer, a salesperson or an assistant, make sure you invest in very smart people who will grow your business and not the other way around.
- Invest in developing corporate vision. If your company has 100 employees, 15 employees, or just 2 (you and your wife), you still need to have a long-term vision. Why ? because “who does not know where they want to go, any path takes them“. The vision and mission of a company must be impressed on the hearts of its directors and collaborators. Occasionally hire a good motivator to help your organization keep the business destination, goals, and objectives clear. Motivation is the fuel that keeps human beings going.
- Invest in recognition. One of the greatest motivations of human beings is that our work is recognized. A collaborator who receives a token of appreciation for his work will surely work harder. Make recognition a culture in your organization by investing regularly (let’s say every 2 or 3 months) in a program to recognize effort, values and excellent results. This is especially important for the sales force, production staff and in general for any employee who has to do with the achievement of objectives.
- Invest in your growth. A healthy and healthy company is one that meets 2 requirements: that its debts are minimal and in control and that its profits are preserved and reflect some percentage of monthly growth. But for this you need to invest equally in both factors. Make sure to use a percentage of the monthly profits to pay the debts as soon as possible and second, reinvest another percentage in growth and development, be it machinery, equipment, infrastructure, etc. It is said that the success of japanese businessmen it is their enormous capacity to reinvest the profits of the business to the point that they barely receive a minimum salary for years until the companies become corporate giants. (An interesting lesson to learn.)
- Invest in welfare. One of the noblest purposes of the free enterprise it is to contribute to a better society. This through giving jobs, offering products, providing solutions and extending a hand to contribute to the fundamental needs of their community. There is a key or secret that is difficult to explain in helping others, but the resulting effect can be summed up in one word: prosperity. As we program our ventures to contribute to a better society, our businesses also improve.
As you can see, these 7 investment tips do not have to do directly with products, machinery or furniture, but they certainly represent the solid foundation for a great business.
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