Recent Commonwealth Bank of Australia research has shown that small businesses are feeling the pinch almost as much as consumers right now, with 33% reducing spending on non-essentials to stay afloat.
And while we totally get the temptation to cut costs wherever possible, there are certain areas where skimping just won’t cut it. In this blog post, we’ll explore seven essential investments that you should be prepared to pay.
Trust us, these are the things that can make or break your business in the long run. So, let’s dive in.
Your staff is the backbone of your business, so don’t make the mistake of skimping on their wages. Sure, it may be tempting to save a few bucks by paying them less, but low wages can result in unmotivated and unhappy employees. And a demotivated team can quickly translate into lacklustre customer service and diminished productivity.
Whatever you do, don’t try to pay them below the award rate or skip their super – that will cause major, expensive problems with the ATO further down the line!
Invest in your employees by offering fair wages and even consider additional perks or incentives to keep their morale high. Remember, a happy team is a productive team!
Website Design and Copywriting
In today’s digital world, your website is usually the first impression potential customers have of your business. A poorly designed website can be a major turn-off and make visitors click away faster than you can say “refresh.”
Invest in a professional website designer and copywriter to create a website that showcases your brand’s personality and offers a seamless user experience. A visually appealing and user-friendly website will help you stand out from the competition and keep visitors engaged. Don’t try to save money on this crucial marketing tool – it’s your virtual storefront!
In this digital age, a reliable and speedy internet connection is like oxygen for your small business. Don’t settle for bargain-basement internet plans that leave you twiddling your thumbs waiting for pages to load.
Invest in a solid business fibre connection that can handle your online needs without any hiccups. Remember, time is money, and a slow connection can lead to missed opportunities and frustrated customers.
Choose a provider with a track record of excellent service and make sure your upload and download speeds can handle the demands of your business.
Marketing and Advertising
No matter how amazing your product or service may be, it won’t mean a thing if nobody knows about it. Effective marketing and advertising are essential investments for any small business.
Don’t make the mistake of thinking that word of mouth alone will be enough to propel your business forward. Invest in targeted advertising campaigns, social media promotions, search engine optimisation and other marketing strategies that align with your target audience.
Remember, you’re not just selling a product; you’re selling an experience, and the right marketing can make all the difference.
Professional Accounting Services
Let’s face it, numbers can be a nightmare for small business owners. While it may be tempting to handle the bookkeeping and accounting tasks yourself, skimping on professional accounting services can be a costly mistake.
A skilled accountant can help you navigate complex tax regulations, identify potential cost-saving opportunities, and ensure your financial records are accurate and up to date. Save yourself the headache and potential financial pitfalls by investing in a professional who knows the ins and outs of small-business finances.
Customer service is the secret sauce that keeps customers coming back for more. Trying to cut costs on customer service is like shooting yourself in the foot – it’s just not a smart move. Invest in training your staff to provide exceptional customer service, empower them to go above and beyond to delight your customers, and be responsive to their needs.
Remember, a satisfied customer is not just a one-time sale; it’s a potential brand ambassador who can bring in more business through positive word of mouth.
Quality Equipment and Tools
Last but certainly not least, don’t be stingy with the equipment and tools necessary to run your small business efficiently. Whether it’s state-of-the-art machinery, reliable software, or essential office supplies, investing in quality equipment can save you time, money, and frustration in the long run.
Don’t settle for cheap alternatives that may break down or cause unnecessary headaches. Remember, investing in the right tools is an investment in your business’s success.
When it comes to running a small business, skimping on certain things just isn’t worth it. From reliable internet connections to fair wages and professional website design, investing wisely can make all the difference in the success of your venture.
Remember, every cent spent on these essential areas is an investment in the growth and longevity of your business. So, go forth, be smart with your investments, and watch your small business thrive!