• Wise ways to spend now that pay off later

Wise ways to spend now that pay off later

With the end of year in sight an urge to splurge – on gifts, holidays, home projects to accommodate guests or small business expenses that were put off during the year – may take hold. However there are ways to be wise about year-end small business spending that can save money and be a smart investment, even for those on a tight budget.

A time for everything – even spending

While it’s debatable that Black Friday ultimately saves you money (one can argue that the frazzling of nerves alone can make participation costly), there is something to be said about sales and having competitors vie for your business.

Sales offer the opportunity to do your homework, compare prices and find the best deal – or have a manufacturer you desire match the lowest price you find. Sales can also prompt you to finally make purchases that are necessary.

The truth is: not spending money can cost you money. This is true both personally and in business. Accepting that spending on vital (read survival-related) needs can make it easier to part with your cash. Identifying what those true essentials are, is, well, also essential.

 

Five absolute spending musts - for home office or small business

Once we understand the important role of spending and investing money in order to be successful, we can get down to the areas that make the most sense for investment. Here are five essential personal and small business investments everyone should consider making:

wrapping hand with bandage

1. Insurance – nearly one third of businesses do not invest in quality insurance1 to protect themselves in the event of human or natural disaster, and in 2017 over 28 million Americans did not have health coverage.2 It’s sobering to think upon but illness or injury, theft, fire or flood can undermine every plan we have and cost us untold amounts of money and angst. Solid home, health and small business insurance policies with reputable companies is one of the smartest investments anyone can make.

guy with tablet

2. Professional legal and accounting services – don’t skimp when it comes to protecting yourself and your business from potential legal issues. Contracts, lawsuits, even employee disputes can cost dearly and put you out of business. Accounting help is paramount as well. An accountant can help you keep tabs on expenses, manage your budget, prepare personal and business taxes and maintain payroll duties.

graphic images

3. Image – this is a big umbrella, and covers everything from basic design elements like your logo, to the quality of your marketing materials and even how you personally present yourself. Investing in professional graphic design and marketing professionals is money well spent. In fact, quality collateral, like color brochures or business cards, can make an impression that is 39% more memorable, sell 80% more and improve brand recognition by up to a whopping 80%.3  Xerox® Color Printers help you make a great first impression and easily handle all your daily office needs, too.

screen with apps

4. The right technology – it’s imperative that your message gets out there. This means all communication tools – phones, computers, and their software, are reliable and secure. Your website, content management systems, inventory and delivery tools, and everything else that is automated by some kind of tech, must be trustworthy and well-managed.

co-workers at table

5. You and your workforce – as important as what your business offers is the people who offer it on your behalf, and you, as the embodiment of your company. Investing in a well-trained staff that is reliable, committed and care about your small business is nearly the equivalent of smart marketing. Providing them with smart workplace tools is wise, too. And finally, investing in yourself, your health, education and ability to promote your business is also pivotal to success.

Make investments along the way

Every budget has challenges, business and personal alike. There are times when big hits seem to come in a row (a car repair, rent increase or a particularly slow stretch of business), and the thought of added, ancillary investments is a non-starter. This is the time to think big picture, and to imagine your finances six-months or a year down the road if today’s “soft” needs are not met. Sure, that vehicle can go another quarter with some TLC, but wouldn’t it be wiser to manage that expense now?

Office equipment is a good example – waiting until it’s too late puts your day-to-day work at risk and can lose you business in the blink of an eye. Options include leasing or getting a loan if your budget does not allow for straight out purchases now. Trade-ins and rebates can also help ease costs, as well as opting to receive emails from manufacturers for coupons and promotions.

Looking with an eye toward the future also means small business spending on innovation like our family of productivity-enhancing, workflow-supportive VersaLink® printers. When you see all they can do for you – easy connectivity, security and multitasking features – the value makes it a sensible deal indeed.

Good investments in your life and your business don’t have to come with extravagant price tags. With a big-picture approach and a good plan that outlines your needs and goals, you can make necessary small business spending more impactful and lucrative.

Visit our small business tips for insight on how to make profitable and productive business decisions.

Contact your reseller or Shop Xerox for a free consultation today.

 

1 Key findings from the InsuranceBee Risk Survey; April 2018. Learn More

2 Health Insurance Coverage in the United States: 2017.Learn More

3 Sources: Loyola College, Maryland, USA; Case & Company Management Consultants; Bureau of Advertising, Color in Newspaper Advertising; Maritz Motivation, Inc. Southern Illinois