When you run a business on a tight budget, there will always be hard decisions to make on what you should pay for and what you shouldn’t buy. Unfortunately, there are a number of things that some businesses think they can do without when really their company could run a lot better with them. Here are some of the things some businesses see as a luxury when in fact they are often essential.

Security

You might think that paying someone to make sure your building is secure throughout the day is a waste of money. If you employ a team to protect your building and there aren’t any incidents or break-ins, you might think that you’re paying for a service you don’t need. In fact, it’s highly likely that the reason you haven’t had any incidents or break-ins is because you employ a security team. Not only can they help resolve any security-related problems when they occur, but they can also deter criminals from targeting your business in the first place. That’s why it’s so valuable to employ the services of an expert security team, like those at Nob Hill Security who not only know how to de-escalate problems when they occur but prevent them from happening in the first place. Without this security, you could end up losing a lot of money if someone was to break in and steal some of your assets. Depending on what insurance you have, not all of these assets may be replaced for you and you might have to repurchase some of this yourself. On top of this, you could lose out on a lot of money if your office or store is forced to shut for the day to deal with repairs to the building and any criminal investigation that follows. 

Recruitment

Another thing many businesses might think is a waste of money is recruitment. They may think they’re able to find employees much more quickly and cheaply by asking whether their current workforce knows of anybody looking for a job in your field. While it’s highly likely that they’ll be able to suggest some names to fill the position, it’s highly likely that they might not be the best candidate in the role. It’s also highly likely that the person suggesting them for the job might inflate their skillset when you ask questions about their suitability in the role because they’re doing a favor for a friend. If you pick the wrong candidate, you’ll end up having to waste money paying their wage every month when they’re not delivering the level of work you wanted. Instead, make sure you advertise every role and interview several candidates before settling on a new employee. 

Bonuses

You might see treating your staff as throwing money away. Even the smallest bonus, like an extra few dollars in their pay check a month, an extra day’s leave or even just a bottle of wine or chocolates for reaching a certain target, could help motivate them to continue to work hard for the business. If they continue to work hard, then your business will continue to make even bigger profits in the future. 

Investing in your staff’s happiness is in fact one of the best investments you can make. 

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.