On A Budget? Five Essentials Your Business Shouldn't Overlook No Matter Your Budget

Anita Ginsburg

December 18, 2014

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For many small business owners and entrepreneurs, the difference between making it and failing is knowing what you do and don’t need. These five essentials are things that every single business should plan and budget for, no matter what.

Safety

Safety at the workplace is critical to any business. It's important to have safety trainings for all employees so they know how to stay safe in the event of an emergency. Businesses should also put up a secure fence around the property and use other safety features like cameras to keep assets protected. Better protection on company computers will also keep viruses and hackers away from stealing and loosing confidential information.

Marketing

Far too many businesses start up without any type of marketing strategy. This is a huge mistake. You can’t expect to attract customers if they can’t find you. No matter how small your budget is, make room for promoting your business. Luckily, today, social media and free services make it extra cheap to spread the word. While social media is a great place to start, it should never replace quality marketing campaigns.

Analytics

If you don’t measure your business’ success, or lack thereof, you can’t expect to improve in the future. In the end, measuring and analyzing statistics will protect your company from failing. Keep track of every program and every strategy that you employ. Analyze the results regularly and adjust as needed.

Education

The more you learn about you industry, the better you’ll be at your job and the more money you’ll make. Never assume that you know all there is to know. Processes and tactics are constantly changing, new services and tools are being developed every day, and for business owners, the learning curve never really ends. Invest your time and, if necessary, some money, into staying on top of trends. You’ll thank yourself later.

Business Coaching

To many, hiring a business coach is a luxury. Think of it this way, though, a business coach may cost money upfront, but they’ll make you much more than that in the long run. If you truly can’t afford a coach from the beginning, at least seek out a mentor who you can talk to and run ideas by.

These items should be included in your business plan. While many of them won’t feel like necessities, they really are, and it’s important to break them down into actionable steps and then follow through.

Informational credit to City Fence.