June 18 was Splurge Day. What’s worth the splurge?
As entrepreneurs, our most stressful moments are when we have cash-flow problems. But having money to spend can also induce stress. It isn’t easy knowing what we should spend our money on. So what is worth spending on?
At the beginning stages of your business, experts agree that it is worth spending money on some quality market research. It is vital that your business plan is not based solely on theory or your gut, but that you engage with potential customers and get a real grasp of the market you are dealing with. Many start-ups try to scrimp on this.
As time goes on and your business is up-and-running, experts agree on the following three things that are worth spending money on:
1. Marketing and Social Media
In times of economic downturn, businesses often cut the marketing budget, but this is a mistake. Through good times and bad, it is essential that the public perception is that your business is flying high. Today, Social Media marketing is key to a great campaign and you are speaking directly to your market. With a really professional and creative Social Media Marketer, you can get a lot of ‘bang for your buck’. Change your mindset to see marketing as an investment rather than an expense.
2. Good staff
The costs – both direct and indirect – of staff turnover are astronomical. This is why the importance of hiring the right people cannot be overstated. Not only are there financial implications, but think about the perception the market has of your company if the talk is that you can’t retain staff. Also, if you can’t find the right person, the perception is that you are not offering enough remuneration. Invest in good people. It’s as simple as that.
3. Company Culture
This is often overlooked but it ties in with point two. Even if you are a small business of three people working from someone’s home, company culture is important. It sets the tone for how employees engage with one another and how they perceive the company’s personality. This should include employee perks, working styles, working environment, etc. Studies have shown that employees are far less likely to leave an organisation with a strong culture.
As always, be very careful with your money – both spending and saving.
For more information about how business consulting can give you actionable assistance in improving your bottom line, contact me: 083 256-0378 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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