Money management is a common problem for business owners, especially startup businesses. When starting out, the number of required expenses and outgoings can feel overwhelming and many business owners may choose to write some costs off as being unnecessary.
Budgeting is an important balancing act and it is crucial to get it right in your business if you want to survive. Whilst each business is unique, there are several different areas where a new business should invest and where money can be better spent. With that in mind, here are 5 things you should be looking to invest in and spend money on in your business.
A Website For Your Business
A business that doesn’t have a website is now considered a strange concept. Often, your website is the first thing that potential customers or clients look for and if your business doesn’t have one, or has one which is outdated, then you might lose out on business. If you are an ecommerce business or a small business that offers a specialist service, it is well worth investing in a website for your business. Websites can be built on most budgets, but it is important to enlist the help of a proper web development company to ensure that it is fully functioning.
Your Office Space
No matter the size of your team, if you have employees working in an office then it is well worth investing some money into your office space to make it more appealing to work in. Comfy and ergonomic office chairs, proper desks, nice decor and finishing touches such as plants, a break area with facilities such as a fridge/freezer, coffee machine and microwave will make all the difference to your office space and make your employees feel more comfortable and motivated. Realistically, you only need to invest money into your office space once every few years so it is well worth the initial investment.
Depending on the nature of your business, the exterior appearance of your business can be hugely important. If your business relies on foot traffic, or you regularly welcome visitors and clients, then an attractive exterior is well worth the investment. First impressions count and when it comes to your business, you can’t risk creating negative impressions for your clients or customers. Investing some money into the exterior of your business when you first start out might seem like a bit of a waste but it promotes professionalism and focus to visitors and passers-by.
Spend some money on signage so that your business is clearly visible and recognisable and make the area surrounding your business look clean and tidy. Regular maintenance of the surrounding areas of your business is important to ensure that your grounds aren’t unkempt, so be sure to factor in a quick sweep or litter pick during your weekly business maintenance tasks.
Take a look at the entrance of your business – are the doors and windows clean? Is there a welcome mat? Would some greenery or flowers improve the space? Is there ample parking space? All of these questions are ones you should be asking yourself in order to get an idea of how to improve the appearance of your business.
Cleaning and Hygiene
In this post-Covid era, it’s important to make your employees feel safe at work and investing in proper cleaning and hygiene steps is recommended for businesses. If you have a small team, then it is easier to manage as there will be fewer people moving around and using the facilities. With smaller teams, they are also more likely to clean up after themselves, simply due to the fact that it’s easier to keep on top of.
If you work with a larger team, it might be worth investing money into proper cleaning services to keep the workplace clean, tidy and more importantly hygienic. Some specialist cleaning companies offer dedicated Covid-10 cleaning and decontamination services, which can include thorough decontamination, fogging and disinfection of communal areas and high touch spots.
You could also look at getting hand sanitising stations to place around the office in order to encourage good hygiene practices. Focus on placing them in areas where people are most likely to touch, such as by entrances, lifts for staircases, doors, shared communal areas and toilets. It’s important to invest in the health of your employees and put steps in place to protect them from picking up illnesses. After all, if an employee is off sick, or comes in sick spreading it to other coworkers, then this can cost your business in terms of work productivity.
A Solid Support Team
When you start up a business, it can often feel overwhelming and stressful. It’s important to invest in building a good support team to surround yourself with, especially during the early days. Having people that you can trust in your inner business circle is hugely invaluable and can make the process so much easier. As well as your team of employees, having an accountant, legal team, marketing team and tax professionals will all make running your business less stressful and means that you can get help in areas where you might not be so confident in.