Reinvesting in your business could mean a variety of things to a variety of small business owners and entrepreneurs. Each one must determine what is a priority and imperative to growth and development for the benefit of clients. Timing, quality and quantity will also determine if the reinvestment was worthy of a return.
@tpgtex Reinvesting in my business means - setting goals for expanding or improving on our product (software) and putting money into it via R&D, devoting time and resources.
@comediandan I'm an Intel engineer turned professional comedian (I have about 15 shows upcoming in the Bay Area and I'm also performing at VM world in San Francisco in August.) I'm always reinvesting in acting classes, showcases, social media, etc.
@CorpNetNellie Reinvesting in my business means new hires! My business is totally self-funded, so when I feel like it is time for us to grow, my #1 priority is growing my sales team with valuable people who will bring in more business. I do all of the interviews and hiring, so I really take the lead and find that hiring new talent is what brings a great return of my investment.
@barrymaher Reinvesting in my business simply means that spending whatever is necessary in money, time or effort to maximize the client experience. I'm a speaker and my business growth comes almost exclusively through referrals, recommendations and repeat business. The happier the clients are with my presentations, the more our business grows; it's as simple as that.
@HourlyNerd We reinvest all inbound cash flow into acquiring more customers and hiring more good people. At the early phase of growth you can't be worried about paying dividends to investors; if your business model is sound, any new customer you acquire will pay back many times over in the future.
@PRisUs One way I reinvest in my business, which I've had for 15+ years, is by joining and getting involved in professional organizations. I'm a member of the executive board for two of my current organizations, which is great way to network and can potentially lead to referrals. In addition, it keeps my industry knowledge current and provides a way for me to grow my skills that fall outside of what I do in my day-to-day work.
Bryan Sadoff (www.sadofinvestments.com) We renovated our office space - new carpet, wall paper, furniture and for a conference room we made a “den” (6 large comfy chairs, marble coffee table, lamps, HDTV on the wall, plants and fun colorful art on the walls). We are an investment management firm. Most of our meetings are 2-4 people. So instead of making a 12-person large, sterile conference table room, we went with a more intimate den. It has gotten rave reviews. We also reinvest in technology upgrades that will make us more efficient; including new CRM, new report processing, new billing software and better trading software. We have been in business since 1978 and are one of Wisconsin's oldest and largest independent investment advisory firms.
Liliana Aranda, (www.facesbyliliana.com) I'd like to give my thoughts on reinvesting into my business. I have a mobile spa service call FACES Mobile Spa and I reinvest about 80% of my earnings, back into my business. By reinvesting, I use my net income to replenish and upgrade supplies (we call them "backbar" products: the professional use items that are used in spa services), create new and innovative marketing materials (brochures, postcards, digital marketing offers, etc.), purchase inventory for special events, and invest in education to further my career and skills. Since I am mobile and don't have overhead in the typical sense. I cut expenses to just the disposable items needed to perform my spa services and gas and insurance payments to stay moving. I pay myself a small stipend and use the bulk of my earnings to generate new clients, invest in current clients and expand into new skills, such as Oncology Esthetics and education for Celiac Disease-affected skin. It does mean that I don't get to enjoy the perks of a thriving business sometimes--no exotic vacations, no fancy dinners out each week, less shopping for accessories and clothes that I'd like--but the reward in reinvesting is seeing my client base grow, having repeat customers book more frequently and see better results with new products in which I've invested.
Jennifer Martin (www.businessconsultingsanfrancisco.com) I read and take classes, programs, webinars and seminars to help me expand my skills and knowledge base related to services I provide and changes in technology. I have a business and accountability coach to help me stay on track, I get lots of massages and I take 3-4 vacations each year . In essence I do my best to completely support my body, mind and spirit so, I can be at my best.
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Micro Business Therapist™, A.Michelle Blakeley, is a small business professional with over two decades of experience in sustainable, holistic and progressive business practices who has successfully guided new and seasoned small business owners through the daily challenges of operating a small business with timely and transformative small business advice. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter, contributor for the San Francisco Examiner and Women On Business; curator of the online magazine, Micro Business Therapy™ and was the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com.