Collaborative post – may contain affiliate links
When you run your own small business you will no doubt be facing daily challenges around your costs and profits. Every business owner would like to reduce their outgoings, but today we want to flag a few areas that are worth investing in, these are 3 key spends for your small business.
Invest in your team
Investing in your team is one of the most powerful investments that your business can make.
The first thing you will need to invest in is in hiring the best possible people to work with you. Finding the right person to fit in with your existing operation can be challenging and it can take a fair bit of time and money. You will need to feel confident that the applicant has the right skills and personality for your team and you will then need to ensure that you have put adequate training in place for them.
Training is key for all of your team, and you can choose to do this yourself or you might like to bring in outside trainers or send your staff out on appropriate courses. When all of your team members are well trained they are likely to be more effective, more productive and more confident in their roles. This should in turn free up your time, reduce any customer complaints and increase your business turnover.
It is also worth spending the time and money training, coaching and rewarding your team to improve your staff retention and motivation. Take the time to recognize good work and behaviors to boost morale.
Work closely with providers and suppliers
Few businesses can operate effectively in isolation. Most of us need to work closely with other providers and suppliers and spend wisely with them.
For example, your business might want to look into working with a good range of food suppliers such as umami foods along with local distribution centers and fleet management companies. You will be looking to strike that balance between getting the best deal at a price that you are happy with and forging a reliable and professional relationship with all providers so that you can trust that they will not let your business down.
It can be tempting to look for the lowest costs at every turn, and this can be an easy but costly mistake that startup businesses make. On occasion the cheapest might also be the best in the market, but do ensure that you are checking their dependability and service levels too.
Spread the word about all that you do
When you start your business, you are going to need to let people know about it and you must spread the word about all that you do.
Your business marketing costs could vary hugely as there are so many ways that you could choose to promote your business. It is worth trying a few of the more cost effective options first and then finding out what works best for you.
As a minimum, you are going to want to invest in a professional and user friendly website, utilize social media effectively and if you have premises, order some suitable signage.