If you’re a business owner, it can be hard figuring out where to spend your money and where to cut back costs. This year we’ve all experienced huge increases in prices across the board. Inflation is through the roof, plus the pandemic has had some pretty clear consequences such as compromised supply chains and increased fuel expenses. Investing in your staff is an important part of being a business owner, because it makes your employees feel valued and increases their productivity too. If you’re interested, keep reading to learn my top 3 business expenses worth splurging on.
1. Staff Parties
One of my favorite times of year is when my company has staff parties. It’s a chance to let loose, to invest in your staff and show them how valuable they are to you. Every year I try to book something different, to ensure that things are exciting and that my team has plenty of opportunities to bond and enjoy ourselves. One of the best staff parties I’ve ever been on was a vineyard tour. Not only did we get to enjoy delicious wine and platters, but we got to learn about how wine is produced. Check out the best fredericksburg wineries open right now to book your staff party.
2. Transport
If your business uses transport in any form, such as transporting people, or sending mail or packages, then you’re going to notice this is an area that will have a considerable increase in price over the coming months. While it may be tempting to cut costs, and it could be worth exploring, you need to be careful not to compromise quality of service in exchange for a lower price point. Delays with delivery, or lost packages, can cost your reputation considerably and can do long term damage. So strike a balance between finding a great company for full truckload freight, and cutting costs if you really need to.
3. Travel
If your company has the budget, why not splurge on better quality travel for your employees, especially if they’re traveling long distance or on a red eye flight. It may be worth looking into a charter flight option, for example, if you’re flying many employees to the same destination. Likewise, a mid range upgrade such as upgrading from economy to premium economy can make a huge difference on an eight hour plus flight. Check out PASC for some interesting products.
Being a business owner can be tough and while most areas of your life you’ll want to save on, these three things are definitely worth a little extra budget if you can justify it.
