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To be able to keep improving your business you need to keep investing in order for it to grow. A lack of investment can mean stunted growth, a lack of sales and could end up being the downfall of your company. Taking the hit in the short term by putting the right pillars in place will serve you well in the longer term, allowing your business to become more efficient and sustainably grow into the future.
Improving Energy Efficiency
Now this is not just about being all eco-friendly and looking good for clients – even though that is one of the big bonuses of moving to cleaner energy. It’s also about the cost of energy you’ll be saving for your business. It’s no secret that it costs a fortune to heat, light and protect a business and office space, so investing in energy-efficient upgrades will make sense for your wallet.
You can work with a solar panel buyer to get the right solar panels that’ll work for your business and will give you the best savings. Upgrading to LED lighting and smart thermostats may not seem like it’ll save you much, but think about your energy bills long term. Adding motion sensors also adds an extra layer of protection when it comes to security, so it seems like a worthwhile investment.
Optimizing Your Website
Upgrading and improving your business’s website is critical to having an edge over your competitors. A site that is constantly updated, modern, and most importantly, fast will boost your site’s SEO and therefore how visible your business is online. In a heavily competitive environment, having a higher search engine ranking is key as it’ll lead to more people naturally coming across your site.
Not only will your site reach a wider audience, but building an easy-to-use, visually appealing site will improve your clients’/customers’ experience. Having a mobile-friendly site that is responsive and optimized for various different devices will encourage users to stay on your site, whilst a poorly loaded, slow site will annoy customers and result in a lack of sales. That’s why investing in your website, although large, will have a high and instant payback.
Invest in Content Creation
Although expensive upfront, the long-term costs of having your own, in-house content creation team will reduce your business’s marketing costs. You’ll no longer have to use outside businesses to do your marketing for you, charging you a fortune for something that might not even fully fit your vision – so not only is it cheaper but you’ll have more creative freedom too.
In-house content creation will also reduce the turnaround time for filming, editing and uploading each piece of content. This would mean you could put out more content at a higher pace than your competitors. Content is what builds that relationship with your audience; it’s how some customers will come across your business, so being able to put more out will only serve to widen that net of new potential customers – providing a high ROI.
Utilizing Financial Automation Tools
Investing in financial automation is a real no-brainer. Normally, finances can be a real headache; numbers don’t add up, and you’re unable to get real breakdowns in spending and profit without sitting down and working it all out manually. That’s where these financial tools come in, like Xero, QuickBooks and Expensify. They save hours of manually putting in every little detail, reduce the risk of any errors and help to break down your expenses more clearly.
When you implement payment automation tools, you’ll be able to receive and send payments instantly, saving you huge amounts of time. For the cost you’ll spend investing in the technology, they’ll end up potentially saving you more money. Going through banks can end up racking up a lot of fees – whilst you could avoid all these transaction costs via your automated system. Growth of your business will also be more sustainably managed using automated tools – you can only expand as quickly as your team can keep up with the work if you don’t use any tools to assist them.
Get the Right People For the Job
Often, a rapidly expanding business may hire just to increase the head count and fill the gaps that need filling. This can draw in the wrong kinds of personnel, so the company is unable to grow properly and can end up spending even more on fixing internal issues. With that in mind, investing in the right team members is crucial.
Hiring the right people for the job leads to increased productivity and a better workplace culture – again driving the overall performance of the company. Employees who aren’t right for the company will lead to a higher turnover rate, meaning you’ll have to spend more on hiring and onboarding, as well as costs associated with the loss of productivity when down on staff numbers. Investing in hiring the right people for your business, even if it means higher salaries, is setting your business up for success.
Focus on Development & Training
Employers who invest in training and staff development will often see a greater retention rate and higher job satisfaction among employees. Why is this so important? Employees who feel valued and can see they are being invested in are more likely to remain with your company. Training gives employees the needed knowledge and skills to perform their role more efficiently – resulting in higher productivity. If you’re not investing in your staff, their knowledge won’t develop, and your whole business’s growth could be stunted.
The right investments will give your business a massive range of benefits. Some will help you save money and open up profit margins, while others are excellent at driving more customers into your open arms. You’ll even find investments that boost your recruitment strategy and ensure you have the best employees working for your business. In summary, it pays to invest money back into your business – especially if you want it to grow. Make sure you’re making the best investments that have the highest returns and show you amazing benefits in the quickest time possible.
