How to Invest in Your Business’s Success
Running a business takes an incredible amount of work. From setting revenue goals to working (and reworking) marketing strategies, business owners are constantly investing time, energy, and money into their businesses to help them thrive. Every business owner wants their company to succeed. So how do you make that happen?
Liz Mumford is the co-founder of creative marketing agency Mabble Media in Reno, Nevada. Despite the difficulties the pandemic has caused, Liz was determined to keep her business going. She also wanted to keep all of her employees on the payroll. During the challenges of the pandemic, Liz has found what works for her company — and what doesn’t.
Through trial and error, Liz discovered both strategies that continue to work for her and additional ones she can implement in the future. During our recent podcast, we talked to Liz about how the pandemic has reshaped her vision for Mabble Media and given her new ways to invest in her company’s success.
Know Your Niche
For Liz, Mabble Media is much more than just a marketing agency. While Mabble performs many of the same services as a traditional marketing agency, their company focuses on creating content that is unique to their clients, yet still accessible to the public.
This unique twist on a traditional marketing agency helps Mabble keep its competitive edge in the diverse city of Reno, home to many small businesses.
As a business owner, you have to know what market your business belongs in. If your focus is too general, you can get lost in the sea of competition, but if it is too specific, you will not be able to sustain a big enough client base. Find a middle ground that makes your business stand out without becoming exclusive.
What niche does your business fill? How is your company unique from other businesses that offer similar services?
Develop Client Relationships
Finding new customers helps your business get started, but retaining those customers is what will help your business flourish in the long run.
According to Harvard Business School, a 5 percent increase in customer retention increases a business’s overall profits between 25 and 95 percent. When you keep your clients coming back over and over again, you can focus more of your time on the work you do for those clients instead of putting your energy into pursuing new ones.
How does Mabble Media retain their clients? Liz says it is all about the relationships the staff members build with each client individually.
For Liz, it’s important to get to know her clients in order for her company to serve them better. At the end of the day, Liz wants to make every customer feel like Mabble is a part of their in-house marketing team.
Be Bold
Do you know the value of your company’s services?
Sometimes it can be hard to know what to charge for the work that you do, but don’t be afraid to reevaluate and charge what your services are worth. If you value your work, your clients will learn to value it as well.
Because of the pandemic, Mabble lost quite a few clients due to financial difficulties. To make up some of that lost revenue, Liz found that she had to be bolder in making sales and charging adequately for her company’s services.
“We need to be more bold in knowing that there’s value in what we offer and being confident in asking for that price,” Liz said.
Be bold. Know what your business is worth, and make sure your clients know it as well.
Focus on Your Workplace Culture
A successful business is dependent on successful employees. And the success of your employees is dependent on how well they work in the environment your business creates.
A good workplace culture can totally change how your business operates. An article from Indeed states that a positive atmosphere in your business cultivates growth, improves morale, promotes collaboration, and increases productivity among your employees.
A positive workplace culture is especially important for creative projects, according to Liz. People cannot be creative in a negative or uncertain environment, and Mabble’s services are based around creating unique marketing products and strategies.
The employees at Mabble know they are valued and cared for, and because of this, Liz says she wouldn’t trade her company’s workplace culture for anything.
When your employees feel valued in the culture your workplace creates, they become better employees, which makes your business a better business.
Invest in Your Business First
When your business starts to gain some momentum, what do you do with the profits?
It’s tempting to want to invest that revenue in new and exciting projects, but Liz has learned through trial and error that business owners need to prioritize the health of their own company first.
“In the last two years, I feel like we’ve made the same mistake a couple times,” Liz said. “And that is as soon as something is going well, instead of investing the profits from that or the ease of that back into the business, we’ve invested outward.”
Mabble’s outward investments didn’t always go as planned, and Liz found her company scrambling to make up those lost numbers instead of being able to use that extra revenue to safeguard her company.
Your business has to remain your priority. It can be good to diversify your investments, but make sure you are adequately taking care of your company first.
Finding Your Path to Success
Success looks different for every business, especially during difficult times. Be willing to try something new to help your business succeed.
Don’t be afraid to reevaluate your vision and goals for your company, especially when unforeseen events add a few bumps in the road.
What is something new that you can try to get your company on the road to success? Maybe you need to reevaluate your client relationships, workplace culture, business goals, or marketing strategies.
To help your business succeed, you must keep trying. Owning a business is an ever-evolving process, so the best thing you can do is grow along with your company.
