Becoming a business owner isn’t the same as running a successful company. Anyone can register an LLC, take out a few loans, and run something into the ground. But, a wise entrepreneur will invest their company’s revenue into its growth, a potent fuel. Here are a few investments you should make to improve your business’s performance.
If you’re mailing quite a bit of inventory, there’s no way to avoid losing a few things in the mail. However, using a USPS address validation API would reduce how often it happens.
By implementing one in your process, orders would only be sent if they had valid destinations. As soon as someone enters their address, the API checks to see whether it’s legit. If so, it’ll allow the sale to proceed.
Otherwise, once it’s discovered an invalid address, everything stops. That way, you won’t waste money sending things to places without good addresses. Even a few lost packages hurt the company’s bottom line, so this is great.
Investments can do one of two things. They’re either something you’ve done to cut costs or boost revenue. By reducing how many packages get lost, you’ll cut costs. Then, an SMS API could help boost revenue in turn.
These send messages to prospects using traditional SMS services. So, they receive them as if they’re regular text messages. When you’ve designed a campaign, changing the text sent to them is easy. That’s why it’s such a versatile marketing tool if a business learns how to use it well.
A well-designed SMS campaign comes off like a regular person, a disarming effect. By building a relationship with prospects like this, it’s possible to get them to trust your brand.
Another way entrepreneurs waste valuable time is by dialing bad phone numbers. If you’ve collected tons of data, sifting through it by hand would be too time-consuming. So, there’s another API ready to help with this stuff.
A phone verification API checks whether someone has given you a valid number. If they haven’t, it’ll kick back their forms, forcing them to put in a new one. Stop wasting time dialing bad numbers and use this to force prospects to give you the right one.
As far as cutting costs, energy efficiency should be at the top of the company’s priorities. This is an area where you can reduce expenses a ton without a long-term investment. Just look around for incandescent bulbs, and then replace them with LEDs.
Even though an LED is more expensive at first, they’re way less expensive over time. Replacing all the lights at your office could cut costs by up to 25%. That’s how much more efficient an LED bulb is compared to incandescent ones.
Also, pay attention to the windows and see if they have any leaks. Sometimes, a small leak can let out way more hot air than you’d think. As a result, the furnace must work harder to maintain the same temperature inside. That could be partly responsible for large utility bills if you’ve had them suddenly.
Finally, a ton of companies don’t own anything anymore. However, there is much to be said about buying where your company is built. It’s more expensive than residential property, more than likely, but it’s still worthwhile.
If you’re planning on being a CEO for a while, owning your company’s building makes a ton of sense. After you’ve paid it off, the company won’t have any rent payments. So, it’ll be way easier to keep the company profitable, even if the economy is slowing.
Try purchasing a plot of land and building the company’s HQ on it. That way, you can design it to meet the needs of the business precisely.
There are plenty of things you can invest in as a business owner. But, some of them are going to produce much better results in the long run. We’ve given you a few ideas to start the gears. Still, you’ll have to do most of the hard work yourself.