Worthy Investments – 5 Things You Won’t Regret Spending Money on in Your Business
by Arina Smith Small Business 02 November 2018
If you’ve got a small business that’s already turning a profit, you obviously want to push as much of that new money as possible back into the venture to boost it to the next level. However, investing your resources into the wrong places could lead to waste or mistakes that won’t rear their heads until it’s too late. It’s time to strengthen that foundation, not for a straightforward increase of customers and profit, but to prepare for the challenges and issues that you can expect to face as an expanding business. Here’s a list of five areas to focus on as you look to grow your business:
If like most of us, you work with computers, you’re already aware of how much is at stake when something goes wrong. With small business IT support, you and all your employees have a direct connection to a team of experts whose job it is to get you back on track. Wasted time is wasted money, and some technical issues can cost you days of work if your staff are trying to fix it themselves.
Keeping Up to Date on Tech:
Some tech experts will advise you to stay a generation or two behind in tech, to ensure all the bugs and solutions are established long before you ever encounter them. While this may be an excuse some IT managers are peddling to keep their clients on old Windows XP licenses, the logic is there. That said, it’s important not to get left behind and struggling. Make sure your employees are always working with relevant, powerful software and hardware and unified communications systems that can make their jobs easier, saving you time and money.
Initially, you did all the hiring and firing, handled the payroll, and kept on top of all of the house-keeping. As a business expands, it’s important to delegate these roles to staff who have the time and expertise to devote to them. The most crucial, and often overlooked, aspect to this is ensuring all your team have someone they can take their issues to that doesn’t involve “telling the boss.” Just having staff who can handle any of the small complaints in a safe space is integral to creating a healthy work culture which aids in the retention of good employees.
Even your hiring process needs to be seen from a long-term growth perspective. If you’re managing a small staff count, you want a strong team that can flexibly adapt to anything thrown their way. Hiring “Jack of All Trades” types with hybrid expertise can benefit greatly. Focus on finding generalists instead of specialists, who can help you cover all aspects of the business, and can be trained into newer roles as they develop.
Budgeting to Spend:
No one ever complains that their budget is too high, but when you’re aiming to grow your business, and you’re not allowing the cash-flow to make it happen, ‘lack of resources’ reeks of poor management. Customer acquisition costs are essential expenses that you’ll need to encounter to get the customers needed to take your business further than just word of mouth. This includes the salary to cover marketing and sales teams, to the cost of trade shows and events, web marketing budgets, and anything else that you’ll need to get your business’s name out into the world. If these haven’t been allowed and budgeted for, you’re not allowing your business to succeed.
All of these items should give you an idea of the areas on which you should focus to carry your small business’s growth spurts into stable, long-term success.