Allocating funding for a small business or startup is hard enough, assigning this money to help the success of the business is often more difficult. Different people will have different opinions on where to invest the money which usually aligns with their expertise or former experience. The money needs to be divided into allotments for business growth and branding, growing the customer base, outside consulting, and investing in staff that will help the trajectory of the business. The best thing that can be done is to put a small portion of money into each to see which yields the best ROI. The following are areas a small business can invest in that will help ensure success for years to come.
Great ROI On Marketing Spend
Garnering leads through marketing is important for the sales cycle in every business. Marketing to the wrong demographic or investing too little in marketing can lead to a campaign being a waste of budget. When doing marketing it is important that the content is as high of quality as possible regardless if it is for a social media account, company blog, or industry publication. Producing low quality content does not convert in leads and can paint the brand in a negative light if there are frequent errors in grammar or spelling. Creating quality content might take a bit longer and be more expensive but it is well worth it in then end.
Thoroughly Background Checking Employees
The last thing that a small company wants is a person with a spotty background as this could lead to massive profit loss. A person that has been convicted of theft could be rehabilitated but you do not want to risk this person having access to client’s financial information. Employees that have had crimes on their record that suggest they have a bad temper like that of vandalizing or battery should also be evaluated closely. A spurned ex-employee that wants revenge can do massive damage to the company and relationships with clients. Safety of your staff should also be paramount so avoid hiring volatile people regardless of how qualified they might seem.
Consultants To Lend Outside Perspective
Consultants can help those in certain industries understand if there is a possible financial crisis ahead. There are niches of business that all of a sudden halt due to innovations in technology or the need for a certain product diminishing. Consultants can also take the emotion out of certain decisions like discontinuing a department that simply is not producing. These consultants often times will look at the market of the industry to analyze where new revenue streams could be created. For the most part these consultants and their firms are a great resource if business is stagnating for long periods.
401K Matching Program For Employees
Taking care of employees will reduce the odds of them going out and looking for another professional opportunity. Employee turnover can be a killer to a small business as it can cost thousands of dollars to train a new hire which does not guarantee that the new hire will work out. 401K matching is a great benefit for employees and can allow you to attract top talent in the industry. Allowing employees to work from home is also another perk that can attract and retain employees. This freedom does have to come with limitations as a drop in production should revoke the privilege of working from home. This perk does not cost a company any money without a drop in production and certain employees could even be more productive while working from home.
Take the time to write down the different areas of your small business that you want to start improving. You might find that you are not using funds to reflect the improvements that you want to make. Invest in your company correctly and watch it start to take off!
