Top Tips to Maximise your Dollar in 2019
With the new minimum wage coming into effect July 1st of this year, the majority of business owners will need to start considering (and reconsidering) their budget to not only accommodate for the additional cost – but to maximise tangible returns on every dollar they invest towards their given enterprises.
Here are the top four investments small business owners should think about to maximise their dollar in 2019
1. Digital marketing is the key to increasing sales
The future is digital. As the experts will confirm, these days, a marketing strategy is simply incomplete if it does not factor in the digital. Between 2016 and 2017, the global marketing budget trends were highly indicative of this.
- Social media +58%,
- Content creation +58%,
- Website spend +58%
- Search engine optimisation (SEO) +55%
- In-house email marketing +50%.
[Source: IEEE GlobalSpec Media Solutions]
There’s no denying the advantage that larger companies have over small businesses. But thanks to the democratic platform that is the internet, leveling the playing field has never been easier.
2. Trust the process, trust the process tools
Business development, customer relations management, payroll, accounting, point-of-sale… whatever the aspect, the objective is to streamline. Turn the efficiency dial up to eleven and make every action — every last dollar — count. Anything to cut through all the bureaucratic red tape that plagues the day-to-day of small business owners.
An employer’s business process is a question, constantly redefining itself, yet yearning to be answered. And process tools are the solutions to these every-changing and nebulous questions. Process tools are another avenue in which small businesses can begin to upgrade the way they operate, parallel to the successful, field-tested methodologies engaged by larger companies.
There’s a reason why the process management market is projected to be worth over $14 billion US by 2021 [Source: Global Info Research, Orbis].
3. Insurance & property
No one ever really thinks about that rainy day until they are standing in the middle of one, without an umbrella or roof over their head, slowly getting drenched. Larger companies may be able to sustain a hit or two, but small businesses cannot afford to take any chances. Like it or not, insurance is very necessary, even if the chances of things going awry seem slim to none. It’s better to have it and not need it than to need it but not have it.
On the subject of roofs, we arrive to the matter of the four walls that usually stand under them. Whether it’s for a sole location or for the purposes of expansion, owning the space you work in is never a bad thing. Yes, far easier said than done (especially in this current market), and this is all based on the assumption that the business is – and will continue to be – relatively stable. But the fact remains, ownership of the property in which an employer operates will relieve some financial pressure.
Bonus: employers who have extra space can rent it out for passive income.
4. The human element of it all
It always has — and always will be — the most essential investment. Employees make or break a business. Those who are capable and reliable will help raise an entire empire.|
The challenge lies in retaining the top talent when budget and growth opportunities are sparse.
Again, small businesses will never be able to compete with larger companies, especially in this specific area. So small business owners must exercise some creativity when it comes to their offerings.
Flexible working arrangements, more training, horizontal opportunities, and even grooming for future succession – these are just some examples to alternatives from the traditional monetary compensation.
And employees may be surprisingly amenable towards these alternatives. A 2018 study conducted by recruitment firm, Robert Half, found an estimated 84% of Australian office workers were willing to forego higher salaries for benefits (including flexible working hours and the option to work from home).
Want to find out more
about how YOU can get the most
out of your dollar in 2019?