Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,“what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
If your small business suddenly receives a windfall, cash lump or investment CONGRATULATIONS! In addition to whatever your favorite accountant recommends, consider investing in one of the suggestions below to help grow your business.
If your business wasn’t just gifted, no strings attached a sum of money, you may want to pursue other options such as a capital investment, credit loans or small business loan. Again, consult your favorite accountant to review your options and the potential impact this may have on your business.
Add your logo to your car
While you may not be in the market for a fleet of branded company cars, consider adding a window decal or car wrap. These are essentially free advertising, as your brand will be displayed prominently at every red light and parking spot.
A new service
Your business should be looking to offer new services to its customers to go along with its current offerings. For example, tech giant Sony purchased streaming company Gaiki in 2012, in order to offer its users the ability to stream video games.
While your business may not be creating products or services on that grand of a scale, you can still take a similar approach. Look to spend that cash on something that will add to your business, not keep it the same.
A new suit
A new suit or uniform is similar to a window decal or car wrap can make you look more professional and ready for work. Of course, you shouldn’t blow all that money on clothing, but it can’t hurt to boost your business’ look. Even as a solopreneur, you should make sure you are dressed appropriately for your business and for meeting potential clients and customers.
A complete insurance policy
No one likes to spend money on an insurance policy, but if a disaster happens, you’ll be thankful you purchased a policy. Complete business insurance can be expensive, but worth it. Make sure you have sufficient coverage to include the building, the contents, inventory and any data you keep. Consider shopping around and see which policy offers the most value and coverage.