How Your Business Can Spend Money Wisely Right Now

Spending Money to Help Your Business Grow During the Pandemic

As many businesses have worked hard during these times to stay alive, many have been trying to invest in new ways to grow their business in a strategic way during these tough times. While many are floating along, some are looking at options to invest this money to help grow their business.

1. Assess What Has Been Working

A lot of businesses have done major pivots in their business model including subscription options, delivery services, new take out options and one on one appointments. It’s been enough time that you can take a step back and see what you can build on. Should you expand your offerings? Try out delivery to a new area? Think about the things that you can build out long-term that’ll continue to help your business.

2. Consider Ways to Mix it Up

Are there things you’ve been wanting to try but haven’t gotten the chance to? We previously shared some free marketing ideas like blogging and videos, but there’s also a great deal of opportunity out there for smaller budget marketing.
When our clients come to us and say “we want to build our business but don’t have the budget for a new site” we usually recommend considering inbound marketing, SEO or PPC strategies. They are much less cost-prohibitive and can be easily turned on and off.

3. Review Your Year-End Plans

For many businesses, their marketing calendar was thrown out the window around April. Tradeshows are canceled, posts are now irrelevant, and in-person meetings are gone. With that said, we’d recommend you take a step back and look at goals your team was hoping to achieve anyways and think about if these previous goals would still be achievable and could potentially help you now.
Were you planning on updating your website so it had eCommerce capabilities? Consider how this could be an important source for your business right now and see if it’s still a worthy investment.
Maybe you had a large sum of money set out for tradeshows. What are similar ways you can use that money to reach a similar goal? Could you produce a landing page? How about a video of yourself to send out to participants? There are lots of options, you just have to think out of the box.

4. Think About a Potential Shut Down Again

As difficult as it is to consider the potential of you having to lessen your business activity, it’s crucial you have a plan, as well as be ready to adapt to any changes. On a small scale, many cities and states are now mandating masks, so you should make sure your employees, if in-store, have suitable masks to keep them safe.
On a larger scale, think about ways your business can maintain itself if restrictions tighten up again. Should you be prepared for more to-go orders? Maybe you need to make sure you have enough delivery cars? Or, if you’re a brick and mortar store, you should absolutely consider options for selling products online. 

As hard as it is to know what’s next, remember worrying only gets you so far. Obviously work to pay your employees, mortgage or rent, but also think about investing in options that could help you long-term to stay in business. 

Not sure how you should spend your money? 

We’re happy to help. As a fellow small business, we know it’s hard to make decisions, but as consultants, we’re here to help you look at your options and help with a cost-benefit analysis. Fill out the form below and one of our digital strategists can will schedule a time with you to provide a free consultation and learn more about your unique situation.