No company has any money to burn, so when it comes to spending you need to know what is truly worth paying for.
While limited capital may mean that, at the early stages, some processes must be done in a fairly labour-intensive way, some of the best business investments you can make are in equipment that improves efficiency and productivity.
Whether you’re in the product or service industry, the right tools are important. The brilliance and creativity behind your business idea can help to make your enterprise stand out, but equally important is how quickly and efficiently you execute the ideas. So, make sure you have the right tools and equipment to suit your needs.
Of course, be smart about your tools/equipment purchases. You don’t always have to buy the latest and most advanced tool if you don’t really need it. Take it one step at a time. Every tool purchase is an investment, so make sure the things you buy yield a return on that investment, and that you invest in the right business insurance for them and your business to guarantee safe and continuous growth and success.
Small business owners typically spend considerably more time at work than their corporate counterparts do. There’s still too much to do… and too little time to get everything done.
Make sure that your office or place of work is relaxed and welcoming. Your area of work doesn’t have to be opulent or glorify your business in any way, but it must be in a place where you’re excited to work. A comfortable, ergonomically perfect chair will make a huge difference. So can a large desk or work table that allows plenty of room to spread out. You may want to also ensure you have adequate lighting and a small refrigerator for drinks and healthy snacks to fuel you throughout the day.
Many new companies hesitate to invest in comprehensive market research while drafting a business plan – mainly for financial reasons.
Writing the marketing section of your business plan may seem just fine from a strictly theoretical point of view, without spending the money to go out and talk to potential consumers. However, when it comes to your company and your clients, without adequate market research, you’ll simply be working in the dark.
In that regard, make sure that you invest as much as you need to fully research the market and validate your business idea.
The new marketing schools highlight the importance of branding for all companies, including those that sell to other businesses.
Research says branding signals should last at least a decade, so early brand-building will set the company up for success. Creating a new brand is a major investment and there is really only one opportunity to do it – so it has to be done right, from the start.
Many new business owners write off social media management as unnecessary simply because they don’t know how to use it. However, social media becomes more meaningful and targeted with your brand and market research as support.
It’s important to invest in a social media management tool like Hootsuite or Buffer to help implement a targeted posting plan that engages your customers regularly.
No matter how committed and focused you are, you’ll need support at some point. That support may come in the form of freelancers, early on. You may also recruit full-time or part-time employees.
Ask most entrepreneurs and they’ll say they delayed getting assistance unnecessarily – and that while that may have saved them some money, it also slowed their business development.
What is it that you need? Only you have the right answer to that question – just make sure you don’t wait too long. The right team can be the best investment you’ll ever make.