How could a bonus $5,000 help pump up your small business?
From people to property, there’s always plenty to juggle as a small business owner. That’s why it can often be as stressful as it is rewarding.
But in the day-to-day of running your own show, it can be the health of your bank account that can cause the most sleepless of nights. Yet not for the reason you might first think.
“There’s more to having cash in the bank than just knowing you can take care of the bills,” says Ray Seymour, owner of Reservoir Tyrepower in Melbourne’s northern suburbs. “There’s also realising you have what it takes to get your business to that next level.”
If $5000 landed in his lap tomorrow, Ray would quickly tick a big item off his ‘to do’ list – and that’s upgrading his shop’s security system. But if he found a way to stretch it further, there’s a lot more he’d do to give his business a shot in the arm.
“Ask anyone and they’ll tell you I have some of the hardest working people working for me,” admits Ray. “But I can’t always reward and invest in them the way I’d like to – the way they deserve. It’s your people who can really keep your business together, but they can also be the first ones to get overlooked.”
If the budget allowed, there’s a number of ways Ray would make them feel valued. “Some would really thrive from doing a training course – whether that’s to do with the front office’s computers or something product-related for the shop floor,” says Ray. “On the other hand, having a little extra I could use to thank them for their top work wouldn’t go astray, either.”
Then there’s upping the experience for customers who come through the door.
“I’d love to pick up a decent coffee machine so anyone who needs to hang back at the shop can settle in more,” says Ray. “But truth be told, for a small business, it’s the kind of expense that’s hard to justify – unless, of course, a little extra cash comes your way.”
For the owner of a business that uses heavy and dangerous equipment, Ray’s obviously all about safety – and he wouldn’t turn down a safety net for his bottom-line if it was offered.
“I doubt that I’m the only business owner who’d feel better knowing they have something tucked away,” says Ray. “Because when you’re running a small business, one thing’s for sure: you never quite know what’s around the corner.”
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