Small Businesses: 5 Expenses That Are Worth Every Penny

Small businesses in their early stages can find it difficult to determine which expenses are vital to the organization and which ones can be cut.
Mike Taylor is a content marketing specialist at Digium says when making those difficult decisions with limited funds, here are 5 expenses worth keeping in the budget.

  1. Business plan: It’s important to know where the business stands in the marketplace and where it’s heading. This involves a monetary investment and also an investment of time and resources, including market research and analysis—the more in-depth the information, the better.
    There are many resources to help make a business plan, and it’s never too late to put one in action. It’s important to do the right research, answer the vital questions about the business purpose, know the target customers and document the information for future reference and accountability.
  2. Communications and Customer Service:Communications and customer service are vital to all businesses, but especially those in the early years of development. This is why it’s important to invest in a quality business phone system.
    Modern VoIP phone systems are cost-effective for businesses of almost any size, and cloud-based or hosted phone systems offer even more cost flexibility. They offer advanced, enterprise-level features at an affordable cost – making small businesses competitive with other large, established businesses. The phone system should also be capable of growing with the business so there is no need to overhaul the phone system as the business expands or contracts.
  3. Marketing: Modern technology has made marketing in the digital era easier than ever. One of the most effective ways to market certain types of local and B2B businesses is through blogging and SEO. Google and other search engines are looking for the most relevant and thorough content on the web to answer searchers’ questions. Use Google’s keyword tool and other online tools to figure out the questions potential customers are asking Google, then create online content around those topics.
    Another easy way to reach new customers without spending a fortune is social media. With a little creativity and some grassroots support from others, social media can be a great, cost-effective way to drive engagement and awareness.
  4. Legal and Accounting assistance: Both are vitally important to the livelihood of small businesses and not something to skimp on or wait until the time comes when they are needed. The last thing a young business needs is an unnecessary lawsuit or an unexpected audit from the IRS. Invest in a quality accountant and lawyer early in the business’s life.
  5. Technical support:Many small business owners are tempted to take a DIY approach to the technology needs of an up-and-coming business. While tempting, it is a waste of valuable time doing things that other people are more equipped to handle. Hours wasted on IT-related tasks add up to one fat bill the business is paying indirectly. Instead, find a trusted IT partner and other established professionals and tap into their services.

Mike Taylor is a content marketing specialist at Digium, a business communications company based in Huntsville, Ala., that delivers enterprise-class Unified Communications.