For those business owners trying to expand their company footprint, it’s important for them to know how, and when, to invest in their companies.
Gone are the days of saying, “Hey, I collected US$1,000 this month, so I get $1,000!” Respect yourself and your business. In order to grow, a portion of the proceeds must go toward infrastructure like computers, office facilities, and equipment.
For many years, providing janitorial services was relatively inexpensive, needing little more than a wringer-bucket and string-mop. But times have changed. In last decade, different types of equipment have developed, including HEPA filters, backpack vacuums, microfiber, flat mops, and a whole host of other cleaning products and solutions. However, all of these advances in technology come with a start-up cost. When evaluating your business purchases, I recommend comparing how these pieces of equipment improve service, maximize time, and increase your bottom line. If you’re not sure where to start your cost comparison, look out for an upcoming article on comparing cleaning materials.
Beyond the material needs of running a business, there are internal services that need to be taken into consideration, including bookkeeping, marketing, and tax planning. However, many business owners have succumbed to the quiet thief of time. Statements such as, “I can do that,” rob the most ardent business person of the time to do what’s best for a business by doing something less demanding.
Finally, a quote from Benjamin Franklin: “If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”
Investing in yourself and your employees with training produces a world of benefits, including:
- Increased profits
- Growing contacts and networking opportunities
- Reduced turnover. Companies suffer from high turnover are often those that don’t invest in training. When employees know their company is investing in them, they’re less likely to be frustrated and more likely to value the relationship with their employer. Additionally, well-trained employees receive fewer customer complaints, which is good for both employee and employer.
All of these investments can produce:
- Increased work quality
- Decreased customer complaints
- Greater degree of referrals.