You might think of the laundry business as a quarter-based operation, but Brad Harris, owner of The Wash House, just spent close to $300,000 remodeling one of his three laundromats. Now he’s sharing advice on when to reinvest in your business.
Tip 1: Always look for ways to reinvest.
If you're committed to staying in your industry long-term, Harris says you have to look for ways to refresh and reinvest in your business everyday and give your customers a reason to interact with you on a regular basis.
Tip 2: Don’t settle into the status quo.
“If you’re a business owner, a lot say if it’s not broken why should I fix it? Well, you might not think it’s broken, but there might be a section of our business that’s withering away that you’re not seeing.” To keep his customers happy and coming back to do business, Harris reinvests in his equipment and store atmosphere every few years. As he sees it, that reinvestment shows his customers he’s there to stay.