Published On: Wed, Feb 17th, 2016

4 Crucial Investments for Small Business Success

photo-1444653614773-995cb1ef9efaWhen you run a small business, it can be difficult to determine what is worth investing in and what isn’t. This is because small businesses typically have less capital to work with when deciding what to invest in to get to the next level.

The next time you are trying to decide what to invest in to make your small business a success, here are 4 things to consider.

Invest in Education and Growing Your Skills

One of the best things a small business owner can spent time and money on is their education and skills. Running a business typically involves wearing many hats, including CEO, CFO, marketing, human resources, and more. Each of these roles involves a certain skill set which can usually be learned.

Continuing to learn new about new trends and tools is a great way to keep your income, growing. Once you master the basics of your business niche, continuing education will result in learning new skills. This in turn will allow you to charge more for whatever products and services your small business offers. Most of the time this will more than off-set the cost your continuing education course or workshop.

Invest in Your Health

While investing in growing your knowledge and skills is important, it’s also important to invest in yourself as a person. Taking care of yourself is the best things you can do for your small business. In order to make your small business a success, you need to take good care of yourself. This means taking time for things like cooking and eating healthy, exercising, and finding a way to relieve the stresses of the day. If you don’t take care of yourself, there’s no way you can take care of your business and continue to be successful.

Invest in a Good Team

At some point or another, you will likely have to hire help for your small business. When it comes time to make the transition from wearing all the hats of your business yourself to outsourcing tasks to members of your team, it’s important that you look at more than just the price tag. Of course you don’t want to hire someone your business truly can’t afford, but finding the right help your business is important too.

Invest in Building Connections

It’s important to spend time building connections. Connecting with customers, potential new clients, and even peers in your industry can make a world of difference in the success of your small business.

The key to building strong connections is to reach out to people in as personal a way as possible. This means using means other than social media to make connections. Taking the time to call or even email someone shows that you care more than if you just send them a Tweet or a message on Facebook. Host an inexpensive meetup for your current and potential clients and colleagues.

Deciding what to invest in with your small business can be difficult, especially if you have limited resources. When you have limited resources you have to make sure to make the best, and smartest, investments possible to keep your business growing and thriving.

What types of investments do you think are important for small businesses?

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Source: The Money Chat

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Did you know?

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study