A small company that’s just starting to make profits will be cautious when it comes to getting help. Specifically, they tend to shy away from those that will cost money. It’s smart to minimize costs if you’re paying back a bank loan. However, any successful business owner will tell you spending money is part of business improvement.
Here are three things you won’t want to spend on but should:
Payroll Management
A company can have a good business model and a well-known CEO guiding workflow, but a lot rides on your employees. From rank and file employees to those in managerial positions, everyone expects their salary on time. Even if you have people who are passionate about what they do, they need money to pay for their own expenses. It’s unforgivable to delay their payout, especially if you’re a small business, as this might give them the wrong idea about the company. A bad track record in dispensing salaries will result in people leaving the company.
Given those risks, you’ll want to think about Dynamics GP hosting and a dedicated HR team to keep things in order. The accounting department should coordinate with HR to make sure the list of employees and their respective salaries is accurate. You’ll need a system that can keep track of changes as well, making it handy after one employee has been promoted. Since you’re paying for the payroll system, it’s best to work with one that you can update whether you’re on your desktop, mobile device, or tablet.
Business Consulting
The first thing you have to realize when running a business is that you don’t know everything. Even if this isn’t your first venture, there’s always something you can learn from a seasoned consultant. And remember: getting a business consultant doesn’t put into question your management skills. They are simply there to impart knowledge and help you in areas that need finetuning. It’s never a bad idea to have someone else review your work; you may be looking at the business problems from up close, which means you’re missing the big pictures. That could lead to money guzzlers and mistakes that will be hard for a small business to bounce back from.
New companies could face dire situations that will test how well their plan works. Someone who hasn’t given it a look from a different angle will be surprised at how a small oversight may be glaring at you without you noticing it. Consultants can work with your company on an as-needed basis, so don’t worry about adding a tenured senior role to your list of employees.
Advertising
Everyone starts small, particularly in the budget. However, an ambitious CEO would want to expand eventually. That’s hard to do without investing in marketing. Digital ads cost money, but they can be tailored to your target market, which improves their effectiveness. Without any form of marketing, your business will be akin to someone stranded on an island. Everyone else on land is a potential customer, but you’re not able to reach them and they don’t know you exist.
Don’t be scared of the average cost of marketing. There are plenty of ways to minimize cost without leaving you with regrets. Social media accounts are free, making them a good place to start. Gain followers organically; a small number of engaged followers is better than a big number of spam accounts, so don’t even consider buying your way to the top of social charts. Invest in tools that boost your ads so more people can see them. You’ll also want to start creating shareable content, paying special attention to their virality.
It may seem like an uphill climb when you’re starting a small company. The secret to success is not to be afraid to use tools along the way.
