Your business is finally profitable. After you clear your debts, cover your expenses and compensate your team each month, you see a positive, not a negative on your balance sheets. After your initial celebration, you realize it is time to determine how to best reinvest that money back into your company. Only you know what your business needs the most. However, here are a few places you might want to start.
- Business Improvements: As a start-up, you utilized free platforms and cost-effective equipment. Now that you are growing, it is time to upgrade these items. Also, think about the customer experience and how you can invest in improving it.
- Marketing: Doing your own marketing is to be expected at first. However, once you are profitable, it’s time to hire professionals. Identify your most successful marketing channel and brainstorm how a professional might be able to enhance it.
- Hire Help: Hiring people to help you may once have been considered a luxury you could not afford. While you may not be able to hire a full-time employee, you should consider hiring an intern or part-time virtual assistant to delegate some of your administrative tasks.