Sunday, March 24, 2013

Top 2 Ways to Utilize Profit!

You made a profit. Now, what do you do with it? Businesses need to know how to reinvest profit and where. Hey, it takes money to make money- right? So, once you do make a profit what is the best way to spend it? I've reviewed all the possibilities and have come up with the top two answers.

First, start by paying off any debts you owe. That's right. Being debt free is great in both your personal and business life. Paying off debts means you will save money in the long scheme of things. The credit score number for your business will also improve. You should pay off any business debts before you pay of personal debts. Business income can help you improve your personal income. Have questions on how to do this? Send me a message. I will be happy to offer some initial complimentary advice.

Reinvest in marketing. Marketing is extremely important these days. However, marketing isn't a one-shot effort. Marketing requires several strategies and campaigns running concurrently. Even if you only have a thousand extra dollars at the end of a quarter, consider putting that money into a marketing campaign. It will lead to more customers, more sales and more brand viability.

I'm off to a few speaking arrangements this week. I will still post my nightly updates so please continue to send in your questions.


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