2016-11-21 00:00:00 Growing a Business English Try some of these ideas for innovative ways to make the most of your money through wise investments in the growth of your small business. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Employee-at-small-business-restaurant-helps-customer-with-menu-options-near-kitchen.jpg https://quickbooks.intuit.com/ca/resources/growing-business/making-the-most-of-your-money-ideas-and-tips-to-grow-your-small-business/ Making the Most of Your Money: Ideas and Tips to Grow Your Small Business

Making the Most of Your Money: Ideas and Tips to Grow Your Small Business

2 min read

As the owner of a new small business, you’ve probably already learned that the adage, “It takes money to make money”, is all too true. Perhaps you’ve endured the arduous process of contacting potential investors or venture capital firms to secure startup financing. The intelligent use of capital in growing your business is crucial to your entrepreneurial success. To facilitate strong growth by your small business, choose your investments wisely. Here are three diverse investment ideas to consider as possible ways of making the most of your money to achieve success and financial stability.

Create a High-Quality Online Presence

The modern marketplace is largely dependent on technology, and companies without a well-cultivated online presence will find it difficult to continue growing. Money dedicated to establishing a solid online presence for your business is money well spent.

Purchase a web domain that reflects your company’s brand and is memorable and easily shared by word-of-mouth, for example, “Hats.com.” Unless you already have the necessary talent on board, pay a professional to create a high-quality company website. Augment your website with a complete online marketing strategy that employs cost-efficient marketing outlets such as the social media sites Facebook and Twitter. It may cost a bit to get established online, but the exposure and benefits of providing potential customers with easy access to your company from anywhere more than recompense you for the investment.

Invest in Penny Stocks

If your company finds itself with a little unexpected extra capital, consider putting that money to work making more money by investing in stocks. For investors with limited funds, investing in penny stocks is an option. Penny stocks can be risky, but with careful risk management, they may generate a considerable return.

Since penny stocks are a lot less expensive than blue-chip investments, taking some small losses along the way shouldn’t break the bank. You can slowly learn the game of investing, and someday the revenues generated from your forays into the stock market may constitute a sizeable portion of your company’s income. If you discover that you have a considerable talent for stock trading and particularly enjoy it as well, you can consider branching out into other investment arenas, such as commodities or exchange-traded funds. If you like the idea of stock market investing, but don’t care to handle it yourself, you can delegate the responsibility to an appropriate individual on your team.

Hire a Business Plan Consultant

When you first started your company, its size and simplicity may not have warranted the hiring of an individual solely dedicated to helping with your business plan. However, as your business expands, perhaps entering new, less familiar marketplace arenas, the cost of hiring a business plan consultant may well be worth the expense. As you explore new opportunities, encounter new partners and consider adding new dimensions to your business, an expert on designing complex, comprehensive business plans may be just the key to unlocking the next level of growth.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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