Not all expenses are detrimental to the business (or the pocket). Looking at it in the business aspect, the business is set with expenditure norms for spending from the beginning. Know that there are two types of expenses: the Good Expenses and Bad Expenses. Let’s focus on the former. Good Expenses are like the ‘muscles’ of the business. Not only are they necessary, but they are also timely and generate real returns for the business.
What exactly are these Good Expenses?
Advertisements
Most business owners and business people often cringe at the thought of advertising – especially in the social sphere. Just thinking about spending money just to be advertised on Facebook and other social media platforms seem absurd to most. However, social media advertising can actually help achieve a variety of goals including increasing visibility, driving website traffic, and building a target following. For those who have already spent time and money on these social media platforms – stick around a bit more.
More Competent Staff
If your business requires customer service, it’s important to not only focus on your products and services, but also on having an efficient workforce. One of the ways to have employees that are competent enough is to have them attend training programs. It costs a lot to send your employees to these seminars and programs but keep in mind that your people are the ones who face the consumers. Once your customers see that your employees are able to handle all their concerns and demands, then they are sure to come back to your company. Make sure to brush up your employees’ skills every two years or so.
Invest on Exteriors and Interiors
Your office or establishment should reflect your company’s vision and mission. If you aim for excellence, then that should be seen in your workplace. You can’t expect customers to be drawn to your business if you don’t make it attractive enough. You have to spend money on furniture, a well-built working space, etc. Splurge on materials that are built to last. Instead of getting cheap office chairs and computer desks that are meant to be replaced in a few months, spend a little more for those chairs and desks that are designed to last for the next few years. As the infamous saying goes, ‘First impressions last’. Make sure your clients see that you are an organized person in all aspects.
Rebranding
This marketing strategy involves having a new name, symbol, design, or a combination thereof in order to develop a new identity in the minds of consumers, competitors and investors. Companies rebrand for various reasons. One reason would be to seize an opportunity and another is to avoid negative publicity. This is an important decision to make because not only is it expensive, it is also risky.
