Official statistics claim that around 50% of new companies will fail within the first twelve months of trading. So, anyone who makes it to the second year should give themselves a well-earned pat on the back. During the second year, it’s essential that entrepreneurs invest any profits they’ve made. The information on this page should help to point everyone in the right direction when it comes to spending that money. Of course, company owners should tailor this advice with their business model in mind. Just use some common sense!
Marketing and promotion
It stands to reason that spending more money on advertising is a wise move for an expanding company. So, business owners might think about employing the services of a professional marketing agency according to experts from the AMA and other institutions. There are thousands of them around today, and most publish reviews and testimonials online. With that in mind, it’s just a case of researching the market and identifying the most suitable brands. People working in that field can assist with everything from:
- Real-world advertising
- Social media management
- PPC campaigns
- And much more
Investing in team members is essential according to experts from Training Connection and similar specialists. There are hundreds of different courses that could assist team members in taking the brand to the next level. So, be sure to check the market and work out which providers offer the best educational programs. In some instances, team members can get their qualifications at home in their spare time using the internet. However, sometimes those people will have to travel to a college or something similar. Employee training is critical because it can:
- Help the worker to learn new skills
- Allow the company to benefit from those talents
- Give the brand more opportunities.
Planning for growth
Most company bosses will want to create a plan for growth during their second year trading. That can become an expensive exercise because individuals will have to conduct a lot of research to ensure they make the right decisions. The growth plan should outline milestones the operation needs to reach for each step forwards. It should also outline any intentions to move premises and location. There are specialist business advisors out there who can assist with the entire process. So, sometimes it makes sense to employ their services and benefit from their expertise. People in that profession will:
- Advise on milestones
- Highlight any potential problems
- Identify the best locations in which to expand
- Leave no stone unturned.
Now readers have a better idea of where they should invest their profits, the chances of making mistakes should decrease. When all’s said and done, nobody wants to mess things up after their firms have already survived for more than twelve months. So, pay for any necessary advice and never rush into anything. Also, keep some cash aside as a rainy day fund. It’s impossible to tell when something bad might happen and the company has to spend a fortune to put it right. Whatever goes down in the future, just remember the advice from this page, and keep pushing forwards!