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3 Investments to Make for Your Small Business in 2017

Finance Friday: Make These 3 Small Business Investments Now

Turning a small business from an idea into a profitable enterprise takes a lot of hard work and dedication. This line probably reads a little repetitive, as a small business owner, you know how hard it’s been to get your business off the ground. Though you’re not making a huge profit yet, you are starting to see the fruits of your labor: you’re establishing a loyal client base, your staff takes their job duties seriously, and you’re getting good reviews on social media.

What else can you  do to make things better; especially, after you invest money and time into your business? To get your business moving, keep reading. Below are three small business investments you can make now.

Find a Mentor

According to U.S. News and World Report, small business owners should take advantage of their business connections to find a mentor that will teach them the ins and outs of running a business. A mentor offers insight and experience that a new business owner doesn’t have just yet, and they will help you to recognize valuable skills and characteristics your business needs to be successful.

[tweetthis]A mentor will help you to recognize valuable skills and characteristics your business needs to be successful via @CleverlyChangin[/tweetthis]

In addition, the Small Business Administration (SBA) found that small business owners who spoke regularly with a mentor for three or more hours “achieved higher revenues and increased business growth.” 70 percent of small businesses who use mentoring services have been in business for more than five years. 80 percent of small businesses fail shortly after celebrating their first anniversary. Mentoring will keep your business from failing and help you to continue to grow as a business owner.

Hire a Personal Assistant

Invest in a Small Business Insurance Plan

Moreover, small business owners should, by law, carry business insurance. The requirements vary by state. The most popular insurance requirements in the country include disability insurance and workers’ compensation insurance. You will notice that the two insurance policies listed here are to the advantage of your employees. If an employee gets hurt on the job, workers’ compensation and disability insurance covers the costs of medical care and lost wages suffered by the injured employee. To get these benefits however, employees must sign a contract waiving their right to sue your company if they are injured on the job.

You may have some concern over the number of small business insurance policies you’ll need to have to take care of your business, especially if the premium cost is higher than you would like to pay. No worries. Websites like CoverHound offer small business owners a bevy of affordable (and competitive) small business insurance quotes. After filling in some general information about your small business these sites will look for discounts and work to get you a low-cost insurance plan that offers satisfying protection.

Hire a Personal Assistant

You may think because the business is yours all major tasks should be on your shoulders. Well, on the contrary, not every administrative task should fall upon you. Here’s the issue with thinking that way, the more your business grows, the bigger the trench you’re digging. Don’t miss important meetings and deadlines, because you have overwhelming tasks. Instead, delegate your some of your tasks to an assistant. Hiring an administrative assistant will take some of the load off, leaving you to take care of the big things. You can’t do everything alone. Instead, it’s essential to hire a hardworking and loyal staff who share your vision for the company.

Furthermore, there’s a lot that comes with being a successful business owner; one of those things is knowing when to ask others for help. Building relationships, protecting your staff and taking care of yourself will help you take care of business.

Reader Question: What is one think that you wish small businesses in your community did better?

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  • I want to make blogging work for me, as a business. I have sought
    mentors. As of now, I read other bloggers’ work and look for tips within
    their blogs. I agree with your recommendations. And, until I become a
    big time blogger, I would love to say that I can afford to make #2 and
    #3 investments.

  • Tia

    Yes mentors can be essential in helping us to reach our fullest potential in all areas. I am looking for a business coach and mentor to help me get to the next level.

  • I haven’t had the greatest success finding a mentor but I do network with like minded people and we frequently rely on each other for advice which has proven valuable.

  • Terri Huggins

    Though it falls in line with the mentor suggestion, I definitely think an accountability partner is also another must for small business owners.

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