You may not be struggling to make payroll, but you don’t necessarily have a heap of cash to spend on every new idea business pundits say you should execute either. So where should you spend your money? Here are four smart ways to spend some of that cash on hand.
- Hire a business coach: When I maxed out the potential of my business, I made the investment in a business coach and following the advice he gave me took me to the next level. My coach challenged my ways of thinking, helped me set up new systems, pushed me beyond my comfort zone, and more.
“Business coaches have one goal: to make your ideas into a reality,” Miles Jennings of Recruiter.com, told Inc. “Although you may have many brilliant ideas for your company, sometimes it’s hard to know where to start and what to tackle first. Business coaches will evaluate your plans, assess if they are realistic or will be successful and set out a way that you can implement them correctly.”
- Get a good accountant: I was once told, every small business owner needs a good attorney and a good accountant. If you can only afford one, go for the accountant.
“At a minimum, hire a professional the first year so they can educate you on what expenses are allowable, how to categorize them, what to depreciate and how quickly, and advise you on common credits you may be eligible for,” says Jessie Seaman, a Managing Licensed Tax Professional for Tax Defense Network. “If you start out doing things incorrectly, your foundation will corrupt and crumble the following years. If the IRS conducts an audit, they will look at the last three years…which could lead to a massive tax bill, tax liens, et cetera.”
- Build a clean website: My first website was stellar—and costly. Now days, you don’t need to spend $10,000 on a website. There are templates and tools that get you up and running with very little skills. If you have clear marketing communications messages on a clean site, you are probably doing better than some of your competitors.
“Consumers are becoming more and more design-savvy every day—and they may not even know it,” says Pedro Sostre, principal and creative director of Weblift, a Web consulting, design and developer. “Just by interacting with various catalogs and Web sites, they are becoming design critics.”
- Develop stronger customer service support: Delivering excellent customer service could pay off as a new study from SuperOffice reveals 60 percent of consumers are willing to pay more for a better shopping experience.
“One of the best, and most underrated, places to spend money on your business is by offering great customer support,” says John Turner is CEO and founder of QuietKit. “It’s often not that much more expensive to do great customer support over mediocre customer support, and because so many places give such terrible support, you’ll not only stand out from just a little more effort and cost, but people will rave about you to their friends for not making them jump through hoops for help.”
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