Dollars are important. You work hard for them. When you have them, you can build a business, hire new people, and expand your offerings.

When you don’t, life is stressful.

It’s only natural that parting with the money you’ve worked so hard to earn gives you pause—even if the prospect of “reinvestment” sounds like the next logical step for your company.

But if you’re still skittish about sinking money back into your business, you have to remove the fear of wasting money.

Don’t let the risk of sunk costs steer your company off the path to growth. Instead, consider these strategies for reinvesting in your company without wasting money:

Tip #1: Reinvest in Areas You Know Need Improvement

One of the most powerful advocates of business reinvestment was the steel magnate Andrew Carnegie. Carnegie wasn’t a man who thought he should invest in a lot of side businesses—in fact, he once said that the key to succeeding in business was to put one’s eggs all in one basket—but he did believe in making his own businesses better. Carnegie would repeatedly sink surplus capital back into new technology in his steel mills to make them more efficient and better than the competition.

You don’t have to own your own steel mills to glean a lesson here: there are probably some areas in your own business where you know you can do better. Here are some focus areas to consider:

Tip #2: Reinvest in Your People

A company is only as good as the people who run it. That doesn’t just mean you. It means everyone—from the founder/CEO to the most recent hire.

This reinvestment isn’t only about working with the right people. It’s also about building a culture that attracts the right people. A 2017 study found that over 90% of top-performing employees viewed employment training programs and development opportunities as an important priority in deciding where to work.

If you aren’t reinvesting in your people, you might not always attract the right ones.

Want additional tips for creating and investing in an employee development program? Check out the resources available at

Tip #3: Reinvest with Marketing that Has Demonstrable ROI

Sometimes you’ve already got the infrastructure in place. You’ve got good service. You’re ready to scale. You’re ready for more customers.

You just don’t have the customers.

If that’s the case, then reinvesting in your business with an increased marketing budget may be the way to go. Here are some marketing statistics and trends that should offer you the return on investment (ROI) you’re looking for:

Tip #4: Invest in Yourself

If you’re running the business, then your business will often grow at the rate you grow. That can be good news or it can be very bad news.

But there’s upside here: reinvesting in yourself will pay dividends in a wide variety of ways, from improving the way you run the business to the way you approach your personal life. It pays to invest in yourself—and oftentimes, it’s not nearly as costly as you might think.

Spending money doesn’t always mean you’re wasting it. If you put it back into your business—and buy something other than more office supplies—there are plenty of ways you can maximize your productivity and build a stronger company.