3 Ways to Strategically Reinvest in Your Business

Transcript:

Three ways to strategically reinvest in your business. Hi, I’m Syama Meagher, CEO of Scaling Retail, and it could be a difficult decision to make. Where do you spend money when you’ve got it? And certainly, when you don’t have the money, the big question is, where are you going to get the money from? And then what are you going to do with the money when you have it? So you’re in a wonderful position to be thinking about where you can be taking profits or even taking investment and putting it towards your business. I’ve got three different things I think you should really think about. PR, understanding things like hiring a great technical designer, and then, of course, your website.

So let’s unpack this a little bit further. PR, I think is a fantastic opportunity for you to get in front of the right editors, get in front of the right bloggers, and also be able to really do coordinated events that are on the ground in front of your target market. Now, public relations, I’ve heard from so many different brands who’ve had mixed feelings and mixed responses. But the right PR team is going to make the difference between a brand that is getting off the ground and simply creating a little bit of noise in their space versus a brand that’s getting a ton of visibility.

Now that visibility is valuable because think about it from this perspective, all those relationships, all of those meetings, all that socializing that you would have to do if you managed your own PR, can easily be achieved when you hire the right PR agency. So definitely an area that I think can take a lot of time off your hands and also really push your brand forward on the market.

Secondly, having a great technical designer I think is so valuable especially if you’re a brand who’s launching on your own, and you possibly have been doing everything yourself and then handing it off to a manufacturer, who is then doing the tech packs and kind of managing it from there. Having someone who has technical skills and who is going to be able to help you as you’re going through the concepts and really start to make sure that the right number of centimeters are there that things are not going to lose shape when they get cut, that you’re not going to have one arm that’s a little bit longer than the other. And then you’re also being really mindful of the fabrics and materials that you’re using. So a great technical designer, I think, is someone who’s amazing to have in your back pocket.

Now lastly when it comes to investing in your brand, take a good, hard look at your website. Chances are if you were scrappy in the beginning stages, you might have just used the template or something really easy to get off Shopify. Well, I gotta tell you, guys, it doesn’t cut it. If you have the money to invest in good branding and a good website, that is really where you need to be spending your time and energy. Because, my guys, that is going to be the difference between a brand that’s going to have amazing visibility and that’s going to convert versus a brand that’s going to fall short as soon as the customer sees it.

All right, guys. Good luck on reinvesting. If you need help understanding cash flow, understanding how to best invest money back into your business, or how to even take that investment from outside capital and put it to good use, you should go ahead and shoot me an email at hello@scalingretail.com. Also, check us out at scalingretail.com. You’ll see amazing reviews, we’ve got great press up there as well as more articles and videos. Please do subscribe to our YouTube channel. Make sure you write a comment below and follow us on LinkedIn, Instagram, and Facebook. We are where you are. Thanks. Bye.

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