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A new business owner has many decisions to make, ranging from brand development to team building. Each of these decisions is an investment that can have a significant impact on the success of the business. The best investments are those that will provide assets that can immediately boost company value and excellent opportunities for long-term business growth without sacrificing essential resources for day-to-day operations. This can be achieved by implementing the following three strategies.
Invest in the Right People
As a new business owner, one of the first things you need to do is hire well. When hiring, it is important to give precedence to quality over quantity. Instead of trying to fill out the entire staff right away, focus on recruiting a few key team members who are talented, trustworthy, motivated, and in line with your values and vision of success. Then, form a secondary team to provide support for the core team. According to an article published in CBS-CBS.com, support team members should not be overlooked, as they can augment, nurture, encourage, and duplicate the accomplishments of the superstars of your company. Keep in mind that your new recruits should not be treated as one-time purchases. As such, you should take your time to assess their ability to contribute to the long-term success of your company.
Invest in Staff Training
A study conducted by Deloitte showed that 90 percent of leaders are aware of the importance of employee engagement, but less than 50 percent had strategies for implementing it. Your team has to be properly set up to achieve success in every project, and it is your job to provide the necessary training to help them perform their tasks competently. Tailor your training activities around a specific product or technology, define your vision clearly, explain the problem that needs to be solved, and show them the steps to take to achieve the desired outcome. The more time you spend collaborating with your team, the better the results you will get.
Invest in Technology
According to a Business Brother survey, many businesses are already investing in technology, with 21 percent investing in the Cloud and 28 percent in building a mobile workforce. If you wait too long to adopt the latest technologies, you will soon find yourself left behind. There are many tools available that can help you improve communication, productivity, sales, and customer service, such as ToutApp, Slack, Dropbox Paper, Salesforce, Pardot, and others. Many of these tools can be acquired at little or no cost, but they can be very beneficial to your business.
As a new business owner, it is essential that you pay careful attention to your early investments. Keep an eye on your burn rate and make sure you have a minimum of three months’ worth of cash reserve while putting your money to work.