Small business owners know how important it is to save money. They know that one day each dollar could come in handy, especially during slower times - like maybe a global pandemic.
Saving money is absolutely important, but there are also things small business owners can – and should – spend their money on today. Especially while starting out, it may seem like stacking away cash for the future is the best course of action - but trading your time for money might be the thing that keeps your business growth small and slow.
Here are three things smart business owners understand are essential and are willing to spend money on.
1. Their employees
Your business is nothing without your employees and happy employees are more productive, motivated and loyal. Smart business owners know that it’s worth spending a little extra money to ensure you have the best employees on your staff and to reward them for their hard work.
When you can, spend money on your employees. Offer bonuses or gifts for meeting their goals or exceptional service, provide better-than-average benefits plans, give them opportunities for training, or increase their salaries.
Happy employees not only help your business grow - they reduce the turnover rate, saving you the cost and headache of finding and training new workers. Plus, your clients and customers like seeing consistency in your staff, so they’ll appreciate that you keep your workers happy.
2. Their marketing
Many business owners think marketing is about finding clients today, but a good marketing strategy looks to the future. Just because your business is busy today doesn’t mean it will be tomorrow and if you only focus on your marketing when things are slow, your downturns will last longer than they should. Unfortunately, too many business owners only gear up their marketing efforts when business slows down.
By then it’s too late.
No matter how busy you are today, marketing should be one of your financial priorities. You need to market yourself today to ensure customers tomorrow, next week, and next month. Spend your money on a proven marketing strategy that draws customers in and you might be able to avoid future downturns or at least stop them from lasting as long.
3. Their administrative tasks
This is such a big one. Take one moment to think about how many hours each week you spend on your bookkeeping, invoicing, vendor payments, paying your employees. Or maybe you're so far behind that these tasks are piling up on your desk or your e-mail inbox.
Now think about how much valuable work you could do for your business during those hours - book another client call? Train or mentor an employee? Attend a networking event?
Most outsourced service providers are specialists in their field and can quickly and easily take those tasks of your plate so you don't have to waste your time or stress out about them. They'll also make sure nothing gets missed so you don't get hit with unexpected taxes or late fees.
Your time is valuable. Spending money so someone else can take care of the mundane tasks you dislike is worth the expense.
Spending money to make money
Smart business owners know there’s a time and a place to spend money. Spending your money in smart ways saves you time and energy. It can even save you money in the long run by reducing turnover and preventing expensive mistakes.
Consider whether you could help your business, and yourself, by spending money on your employees, marketing, or administrative tasks. Find out how we might be able to help your business by booking a call here.