Every entrepreneur’s dream is to see his company grow and, for this, investment plays a fundamental role. When we talk about investing, it is not only about investing money to boost the business is investing in different aspects that guarantee the growth of the company.
RACO Investment services small and medium businesses in Costa Rica and Panama and its founder, Randall Castillo Ortega, offers tips on key areas that all businesses need to invest in to become successful.
The micro, small and medium-sized entrepreneur should focus their thinking on the importance of reinvesting a good percentage of the profits by allocating them only for the growth of the company and to know where to make that investment must identify the aspects that will drive the success of the business and strengthen the foundations to forge a robust company.
Be sure to always hire the best, even if it represents a higher cost to the company. Invest in highly trained and motivated people to maintain the quality of the company’s service and products. Asserts Castillo, “At the beginning of every SME, the entrepreneur must occupy several positions; however, as the company grows, it is necessary to occupy those positions with the right professionals to perform that function and with the help of his knowledge and experience continue the growth process.”
The success of a business lies in its turnover and to increase sales it is necessary to invest in designing and implementing marketing strategies, which promote marketing and positively impact the company’s revenue. Customers don’t just arrive, so it’s important to invest in marketing and advertising, it’s that through their techniques, they allow to capture new leads that enhance unique sales experiences strengthening the link between the consumer and the company, which will be reflected in the increase in turnover.
Investing in software and digital tools that allow you to optimize and standardize processes within the company will provide huge rewards. Invest in ERP programs to manage and manage the business, CRM software that allows you to effectively manage the relationship with customers and implement marketing strategies. Finally, invest in social networks and websites so that your business has a presence in the digital world.
Invest in building strategic alliances that enable your business to reduce costs, expand its reach in the market, and reach a new audience to help the business drive its growth. “Strategic partners are a key element in a company’s success, so it’s important to identify which companies can help achieve business goals successfully and grow exponentially,” explains Castillo.
As the company grows, the entrepreneur must also grow on par. To achieve this, it is essential that you invest in training and training, so that you acquire management, commercial and leadership skills that allow you to run the business successfully and take it to the next level.
Invest in product development. Entrepreneurs must constantly improve their products. All the time, they need to reinvent themselves and listen to their target market to provide them with solutions that meet their needs effectively. Every day is an opportunity to improve and offer greater value to their customers.
Investments in customer service and create experiences are also necessary. Adds Castillo, “Customers are looking for more than a good product; they want to live positive shopping experiences accompanied by personalized service. Invest in providing a service according to customer expectations, and remember that a satisfied customer attracts two more, but an unsatisfied customer takes away eight.”
It is essential that the entrepreneur invests in all the elements that are pillars of the company if it is his or her desire to build a business with strong foundations that is sustainable and remains in a competitive market.