While we appreciate that frugality is key in business – you do need to make savings where you can to avoid any cash-flow problems – there are times when spending money is near-essential, especially when you have the funds to do so.
In fact, by spending money in some areas, you might also see a return on your investment.
Here are some key examples.
Here’s the thing about marketing; it doesn’t have to cost the earth. You can market your business for free on social media and business advertising sites, and you can easily promote your business when talking to others.
However, there are times when you might want to open your wallet. So, you might hire a designer for your website, for example, as is the virtual face of your business, you do need something online that will attract and retain any of your potential customers.
You might want to hire an SEO firm too, as your website won’t attract many viewers if it isn’t easily searchable on Google.
You should also attend the relevant industry events pertaining to your business, as you will then have the opportunity to meet people who might one day become clients or customers to your business. Therefore, despite the costly registration fees, you might consider the expense worth it.
By spending money on your marketing then, you are going to see a return in profits when you attract more customers to your business.
Unless you have been living under a rock for the last decade or so, it won’t have escaped your notice that businesses, both large and small, have come under attack from hackers.
Should your data get breached by a nefarious cybercriminal, not only will you potentially lose money from your business accounts, but you might also lose your customers if their information has also been stolen.
Therefore, don’t be afraid to spend money on any technologies that could protect your business. We are thinking about the strongest antivirus software packages that are currently available, for example.
And we are also thinking about those technologies that will protect your sensitive files when in transit, such as VDR, Smartroom’s virtual database. You should also invest in training for you and your employees, as the smarter, you all are about security matters, the safer your business will be.
Of course, you do need to think about offline threats to your business, so alarm systems, CCTV cameras, and the latest locking technologies should also be considered a priority, whether you run a business from home or from business premises elsewhere.
If you have employees in your care, then you need to keep them on your side. While you will already be spending money on their wages and other financial benefits, there are other occasions when you might want to splash the cash on their behalf.
We have already mentioned training, so let this be another reminder, as the better trained they are in their jobs, the better your business will become.
You might want to spend money when looking to improve their morale too, so consider investing more into their break room to make it a place worth spending time in, and as the occasional reward for work well done, add a little to their pay packets, or surprise them with an all-expenses meal or a donation to their favorite charity.
When your employees are happy, you will be happy, as with the spending we have suggested here, you should see a boost in your profits in line with your employees’ improved productivity.
Is your business spending money?