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Businesses are tough to start, and with more than half of them failing within the first five years, it is critical to get things right from the outset if you want to thrive in the long run. Part of this success will be due to intelligent planning and investment – whatever money you have to start your company with, even if it isn’t very much, relatively speaking, must be used wisely. Here are some suggestions for the most essential parts of your company to spend money on.

Marketing

No one will know your business exists if you don’t spend enough money on marketing. It is critical not to compromise or cut corners on this part of your business development – don’t attempt to do it yourself or employ a friend who is competent but not great (even if they’re inexpensive). What you need to remember is that good marketing – marketing that works –

isn’t cheap, but if you spend out on quality, you’ll soon be earning much more money than you paid initially. 

It is vital to understand your target demographic and focus your advertising and marketing toward them, which means you – and the business you choose to handle your marketing for you – will need to do extensive research beforehand. If you can get this right, you’ll find your marketing budget goes a lot further. 

Security

If you own a company, your website is likely to generate a large portion of your income. Even if you don’t sell products directly through it, it is the primary means by which prospective customers will contact you, therefore it must be safe and secure.

Those who want to use your site must be sure that their information is secure (particularly if they give you payment details). Keeping your website safe is something that every company must invest money in. Cybercrime, as well as the need to engage a specialist to help you if everything goes wrong, can be costly if you do not invest in this area of your company.

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Technology

Technology is hugely important in business, and the necessity to be on the cutting edge of any new trends is increasing year after year. If you want to stay ahead of the competition, investing in cutting-edge technology is one way to do it. It will boost your reputation by demonstrating that you are on top of things, and it will also benefit your consumers and clients since they will be able to utilize your service much more simply. 

Instant messaging platforms, content management systems, automation, and even artificial intelligence may all be beneficial in the day-to-day operations of your company. But be cautious not to go overboard, otherwise you might find you are wasting money on technologies that will never work for you. 

Yourself 

One of the most significant investments you can make in your small company is to spend money on yourself. By going back to school for an MBA after investing in MBA consulting, for example, is something that is sure to benefit your business overall – the more you know, the fewer mistakes you’ll make and the more money you can save. 

Although it’s not wise to hang your business on you alone, you will still need to play a big part in it, especially as you are growing. So the more you can do to help yourself be better, the more your business will succeed. 

By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

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