Some people were taught to save since the cradle and passing over their credit card is painful. Others have no trouble spending their paycheck. Small business owners commonly fit in the former group. However, maximising savings doesn’t necessarily equal success. The term ‘you need to spend money to make money’ is true to life, and we have a few suggestions on what to spend your on to help your business grow.
Accountant
Your accountant, tax agent, and Xero advisor are your financial team. It’s their job to maintain the books, monitor incomings and outgoings, and submit documents to the ATO. Having an accountant during your business’ start-up phase is crucial. They will help you set a budget, walk you through getting an ABN, and submit the necessary claims/statements on your behalf.
Financial planner
These guys aren’t the same as an accountant; they are monetary strategists but they think long term. Whatever business you’re in (property investment, retail, freelance), your financial planner is the one you call about your investments and super fund. They help you define financial goals. Thinking about setting up an investment portfolio as a nest egg? Call the financial planner. Need a plan to pay off the mortgage? Yes, financial planner.
Marketing agency
A small business gets a lot of customers through word of mouth. A prime example are restaurants that have been around for a couple of decades, with the past owner’s children now running the place. But if your business is newer to the game, or it’s been a while and you’re struggling, getting some help from a marketing agency can help.
Information is more easily accessible than ever thanks to smartphones, with recommendations just a few taps away. Getting some Google Ads and other content marketing help can be claimed on tax and benefit your business. Two benefits in one hit!
Online store
Etsy, eBay, Shopify and other online shops help customers buy products that aren’t immediately accessible. They might live across the country or don’t want to leave their house. Setting up and maintaining an online store takes time, money, and effort, but think about how many customers can buy your product when you go live online. Speak with the marketing agency and your accountant about setting up and general costs.
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