Smart Money – 5 Things That Are Worth Splurging on in Business


 Photo by Jonathan Cho on Unsplash

When you run a small-medium enterprise, it is crucial that you review and upgrade your operations in order to keep business steady and profitable. A business simply doesn’t stand a chance at making it long-term if they don’t make an effort to improve over time. Customers quickly catch on to new developments, or lack thereof, and will move on to competitors who are more future-focused. Here are five essential things you should be looking to implement in your business today.

1. Technical Support

Your millennial employees who manage your social media are not going to be able to help you rectify technical issues regarding internet security, repairs, power outages, printer problems and errors of your business systems. Losing your databases, resources, payment and accounting software will not only slow you down when it happens but can cost you from getting future business. Investing in a small business IT support service who can provide you with ongoing technological maintenance and repairs is the best preventative measure you can take.

2. Quality Human Resources

This doesn’t mean hiring a large team of HR managers and advisers, but you should be focused on having solid HR practices in place; whether it’s by outsourcing to an HR agency, hiring one in-house HR representative or allocating the position to an existing staff member. By having good HR in the workplace, you will minimize potential time and financial loss due to recruiting unsuitable job candidates, keep a decent turn-over of staff, and ensure your team is trained, positive and up-to-date with your business processes.

3.  Your Brand Image

Branding is more important than ever in attracting the best audience. It is essential that your business always maintains a professional appearance that is accentuated by your branding, both in-store and online. This means consistency and ensuring items like your business vehicles, offices, warehouse, product packaging, websites, social media, people, uniforms, stationary are in line with your branding.

4. Social Media Management

Not having a social media presence in 2018 does a business, no matter what industry, a major disservice. It’s not enough to simply have a social media page. Your customers need to be able to access up-to-date information and ideally, get answers to their questions via social media, so if you don’t have the time you may want to employ a Community Manager or a freelancer for the upkeep. Advertising on social media can be an invaluable asset to any business, so digital marketing services specializing in social media are worth considering also.

5. Upgrades

This may seem obvious but a lot of people get so caught up in the day to day management of their business that they fail to realize they’re working from an outdated computer nearing the end of its lifespan. When reviewing your business, you need to consider that there may be some things that need to be replaced or upgraded. So, make sure to take the time to assess your technology, computer software, payment systems, and even your furniture to ensure everything is fully functional and not creating you more problems than profits.

It can be challenging to delegate what parts of your business need correcting, but at the end of the day it’s an important call to make; reinvesting and putting more value into your business can increase your leads and in turn your sales. So, how many of these things have you reviewed recently?