One of the toughest decisions a small business owner has to make is what to spend money on. In a small business, money is tight and margins are thin. Putting money into your business is an investment, yes, but, as with any investment, the most important question is what return it is going to generate. Anything that cuts into your business’ bottom line — any outlay of cash — needs to pay off in the long run. Otherwise, you are picking your own pocket, jeopardizing the long-term viability of your business, and the jobs of your employees. That said, there are a lot of great investments you can make in your business. Below, are three things your small business should be spending money on.
If you want an inexpensive, convenient, and image-conscious investment for your business, contract with a company to design a custom pocket folder for your business. Providing your clients with custom folders is being considerate towards them and their needs. Even in the digital age, presentations and meetings often include printed documents and handouts. A custom presentation folder gives them something to carry those materials in. Your clients will often keep their folders around for even years, afterwards. Because of this, printing custom folders for your clients and employees offers them a constant reminder of your small business.
Ergonomic office chairs
No matter what industry you are in, you want to protect your employees’ health and safety. Not just because you can lose money if they are away from work, or because you might get a call from a worker compensation attorney if they get injured, but also because ensuring that the people who work for you are safe is, quite simply, the right thing to do. Whether you work in an office or an oil field, everybody needs to sit down at some point. That’s why it’s important to spend money on the best chairs you possibly can. Your employees will thank you, and it has been proven that ergonomic chairs can help with back pain. Furthermore, according to a study by safety gear manufacturer, D30, 19.6 percent of injuries that involve days away from work are injuries to the back. If you are able to reduce this number, you could end up saving thousands of dollars of lost work days. Ergonomic office chairs are one of those perks that make people happy to come in to the office.
If you are a small business owner, your most valuable asset is community goodwill. Goodwill pays back in dividends: If people know and respect you, they will send more business your way, and be more willing to come to you for their needs instead of a faceless competitor. One way to earn this goodwill is through local philanthropy. Whether its sponsoring the local little league team, food bank, or community theatre, there are countless ways to get involved in your community. Inc Magazine also notes that local philanthropy boosts employee morale and serves as a very effective marketing tool, especially when it aligns with your company’s goals. Your liquor store might sponsor a local battle of the bands, or your sportswear company could get involved with the local Pop Warner league. Supporting local charities also looks great to your customers: According to the Grand Rapids Business Journal, 90 percent of consumers said that they want companies to tell them the ways they are supporting causes. Philanthropy is a fantastic way to let your customers know what you stand for.
Spending money on your business is inevitable, but it’s important to recognize the investments that pay off. With these tips in mind, you’ll be seeing returns on your investments through short and long-term routes.