6 things every small business owner should invest in

Being a savvy spender is crucial for small business owners. These entrepreneurs have to watch every dollar to manage cash flow, make payroll, and generally stay in business. But being cash conscious shouldn't mean spending as little as possible on everything.

If you're trying to grow a healthy small business, there are some investments that are worth every penny in the long run.

Here are six things worth the investment for small business owners:

1. A robust online presence

Setting up social media accounts and a basic website can be cheap — if not completely free — but unless you're a web designer, programmer, content creator, search engine optimizer, and a social media expert, that's not money well saved. According to a 2014 Neustar Localeze and 15miles study, four out of five local searches on mobile devices end in a purchase. And if you want to be found on the internet these days, you should invest in all aspects of your web presence — from being mobile-friendly to producing high-quality content.

2. Comprehensive insurance

Insurance can feel like a meaningless expense during disaster-free months, and many business owners who haven't experienced a crisis see skimping on coverage as a way to conserve money. But all it takes is one incident to show the value of having insurance — and those who have opted out could lose everything. Find an insurance policy that works best for your business because without it you could be just one dramatic weather system or employee injury away from bankruptcy.

3. Steady marketing

Small business owners should be spending more on marketing and PR, according to ... small business owners. The Alternative Board's Small Business Pulse survey reveals that 20% of entrepreneurs would invest more money in marketing, advertising, and PR if they had a chance to start their businesses again. But your efforts don't have to be flashy; even the smallest amount of extra attention for your business will be a good thing.

4. Professional accounting

Saving money by taking care of your business's finances yourself doesn't always result in overall savings for the business. A good accountant can find extra cash in many ways: at tax time, on payroll, during financial planning, and more, because they simply know more about the subject than you do. These professionals are up to date on all of the changes within the financial industry that can affect their clients — all of which helps you save and earn money.

5. Great employees

Your business is only as good as the people who work for you. That's why you should make sure to hire and retain truly great employees — not just ones that can simply get the job done. It may cost you more in salaries and benefits, but the positive effect these employees will have on your company will make the investment worth it.

6. A business credit card

Every business has expenses, both large and small — and if you can earn rewards for those investments, all the better. Consider the CitiBusiness® / AAdvantage® Platinum Select® World MasterCard®, which allows you to earn American Airlines AAdvantage® miles that can be used for business or personal travel, and also provides access to business tools that can help you better manage your business.

Being thrifty can be a great trait for a small business owner in many areas. But for certain investments, spending more can mean saving more, earning more, and ultimately growing your business.