4 Things Your Small Business Needs to Spend More Money On

Contributor, April 2, 2020

The availability of free high-value content on the internet is enabling many small business owners to learn about how they can grow their small businesses easily.

However, that’s not enough.

One of the major challenges for many sprouting businesses is that they don’t have enough capital to put what they learn to work. Even if they have sufficient capital flow, knowing how to spend limited money is even a bigger challenge.

In this article, we’ll be discussing four areas where a small business owner should invest their money to reap maximum results. After reading the content, you’ll gain a higher level of clarity on money management and things that are really important for a business’ growth.

Now, let’s dive deeper into the four specific areas on which small businesses should invest more money.

#1 Sales Rep Training

Depending on the size of your small business, there is a possibility you have one or more sales representatives working with you. The skills and experience possessed by the sales team have a direct effect on your conversion rates and sales volume.

In this day and time, it’s hard to compete favorably in your target market with underperforming sales representatives. It is, for this reason, you must invest more money in proven sales training programs.

An effective program should improve their communication skills, aid them with industry best practices, foster creative thinking, and enhance their understanding of the products and services.

These days, there are many customer training software tools which are available for free or with free trial where you can get access to readymade courses that can be tweaked as per your business to make a huge difference.

#2 Customer Service And Support

Customer support is one of the salient variables that affect both retention rate and customer lifetime value (CLV). From the very first point of contact to after-sales service, providing top-notch support helps you determine three things

The likelihood of getting repeat business
Customer retention especially for recurring revenue models
Probability of positive word of mouth for the brand

A good customer support software tool available is something you can spend your money on. You should know that spending more on providing delightful customer support will impact your small business positively and progressively.

If you are looking for more insights on the practical benefits of a customer support software, which one has the technology to suit your operations or which one can fit in your budget, you may consider posting your queries and reading other thoughts under technology questions and answers on websites like Quora and ProProfs Discuss.

#3 Lead Generation

If you do not have enough quality leads in your pipeline, you won’t have enough sales opportunities. Simple.

For the growth of a small business, you might want to spend more money to explore targeted lead generation strategies proven to work with Facebook Ads, Google search advertising, LinkedIn Ads, and Youtube Video Ads.

They cost much less than print, TV, and billboard ads and help you target desired customers from various demographic locations.

# 4 Low-Cost Employee Perks

When you hear about employee perks, you may default into thinking that it’s a thing for big brands. However, if you take into account the cost associated with employee recruitment and retention, you may find spending more money on lost benefits for employees a better deal.

According to Josh Bersin, the founder of Bersin by Deloitte, the total cost of employee turnover can range from tens of thousands of dollars to 1.5-2X of their annual salary.

What you can do instead is provide benefits to boost retention. Some of the benefits may include:

Sports & entertainment event tickets
Extended health benefits
Flexible work schedules
Free food, beverages, and snacks

Apart from this, if you want to save up on operating expenses and provide work-from-home opportunities, which is anyway favoured by a large number employees, there are different types of software, such as DeskTime, Prohance, Concet board etc., to track and plan work which can create a win-win situation for your business and the employees.

You’ll be surprised to see how these low-cost employees perks turn your small business into a talent retention magnet.

Further research into affordable small business employee benefits will enlighten you more on what is possible. Interestingly, it might surprise you to know that some of these things are practically affordable within your current budget.

Here are a few more tech ideas for your business that Techbooky recommends:

Now, you know the four areas which are worth investing money for a small business to bring a great balance of quality and growth. Make sure you go through the latest technology questions and answers to stay abreast of the latest growth trends and technological innovations in small businesses.

Author Bio

Samuel Alfie is a blogger at ProProfs Discuss, the #1 Q&A website with millions of wisdom seekers collaborating to ask questions and get the best answers. He loves reading and writing about a variety of topics including technology, business, e-commerce, science, philosophy, Pop culture, digital media, and more. With a knack for writing, enthusiasm for research and an editorial mindset, he loves creating content that resonates with the audience.