Five Places Where Spending More Pays Off

Generally, it’s a good idea to keep your overhead costs at a minimum to increase your business profits.  For items such as utilities and rent that are easily commoditized and fairly standardized, this is especially true.  But sometimes an increase in expenses can produce a big payoff.  Here are five areas where you might consider so you can reap the rewards.

Training

Good training can produce big pay backs for you and your staff. No matter what your business, learning new skills will help keep your business from becoming stagnant.  Our greatest growth comes from implementation of what we have learned.

Perhaps you would like to increase the mastery of your chosen profession.  You may also consider general business training including leadership, marketing, technology and finance.  Benefits can be had by all from learning more about communications, negotiations, or project management, to name a few.

How about “human performance” skills such as public speaking? Training is a great investment that pays back big dividends, no matter what you choose.

Tools

Not having the right tools can be a big time waster.  Providing your employees with the most powerful computers and software on the market is a great way to increase efficiency.  Labor costs far outweigh the costs of computers so provide your employees with the best tools you can.  Through no fault of their own, an employee with a sluggish computer is not giving you’re their best and costs your money in lost productivity.

The same thing can be said for owners.  You can either spend your time struggling with an outdated machine or getting a ton of work done.  It’s plain to see which option is more profitable.

Accounting

The most successful companies we work with invest in accounting services in five areas:  accounting technology, accurate bookkeeping, thorough reporting, tax minimization, and professional consulting.  When business cut corners in any of these areas, it usually costs them more in the long run to clean up the problems that result.

A current accounting system minimizes maintenance and troubleshooting costs.  Accurate bookkeeping and reconciliations are essential for compliance reporting and decision-making.  Robust reporting provides business owners with the right information to make smart decisions about running their business.  Minimizing taxes helps you keep more of what you make.

Inviting an outside perspective into your business is a good investment that helps you discover opportunities in your business.  Since accountants see thousands of financial reports during their careers, they have developed an eye for opportunities that a business owner might not see.

Marketing

No matter what business your’e in, you are helping others.  You are providing your clients with a skill or a product that they either don’t have or choose not to produce or do for themselves.  If you are a best-kept secret, you are not sharing your gifts and talents.

Marketing helps you get the word out to people who need your product or services but don’t know about you.  Developing strong marketing materials can help you communicate your offerings and receive fair compensation for them.  It almost always a wise choose to invest in this area of your business.

Employee Perks and Benefits

Employees that are passionate about your vision are motivated to be productive.  Providing employee benefits and perks is one way to make it attractive for employees to work for you.

There are a wide variety of ways to invest in your employees.  Options to enhance employee’s working environments can include flexible work schedules, working remotely from home, personal time off, extra vacation time, health insurance, and education reimbursement.

Measuring the Payoff

We can help you measure the return in any of these areas; please let us know how we can help.