When you’re running a business, the owner should always be thinking about smart business investments throughout the year. After all, a great business idea will always fail without innovation. Whether you’re stuck with an outdated business model or you’re looking for new ways to keep ahead of the competition, business updates should be a core goal for your company year after year.
You might be grinding your wheels trying to come up with new business strategies, but you’re not alone. Countless small businesses are striving to stay relevant in an ever-changing landscape. Unfortunately, that includes your competitors.
Building a culture that thrives on innovation might seem impossible, but there are a multitude of ways to boost your employee’s productivity, come up with new ways to satisfy clients, and streamline your business.
If you’re having trouble, rely on these smart business investments that lead to innovation, productivity, and more.
Start with the basics and improve your workplace
One of the most basic aspects of running a business is ensuring its comfort and stability. As such, you should make sure that your workplace is operating efficiently.
For example, if your business is operating in an older location, now might be the perfect time to invest in small upgrades. This will help ensure your employees’ comfort throughout the year, but it’s especially important with winter fast approaching.
As such, you should consider updating your current workplace or talking to your landlord about making the necessary updates. This could be replacing an outdated or dingy floor, patching up holes in the drywall, or replacing those windows that let in the worst drafts when the weather starts to turn.
You should also update your HVAC system before the colder weather arrives. Commercial HVAC services are adept at identifying problems with your current system and rectifying the issue. They can also clean and inspect your ductwork to ensure that all areas of your corporation will get good airflow. While most businesses use rectangular ductwork, more and more are opting for oval ductwork since it’s more aesthetically pleasing in the modern era. Regardless, when it comes to staying comfortable at the office, nothing matters more than a good HVAC system.
On top of that, you should also inspect other areas of your workplace for efficiency improvements. It might be time to update those old, outdated appliances for newer, eco-friendly models. Even if you only use the fridge for the occasional lunch break, you’ll save money down the road since newer models are more energy-efficient. This is good for the environment and your wallet.
You should also consider the layout of your office. Some sources have noted that an open floor plan encourages collaboration among coworkers. If your job demands that coworkers maintain good relationships with each other, busting down some walls and encouraging better coworking spaces can make a world of a difference.
Is your office working for you? You might also consider finding a new spot altogether if your current option is failing you. There’s no shame in abandoning a commercial space when your current option doesn’t suit your needs anymore. Relying on a commercial moving and storage company will help make the move even easier, especially if you’re transporting sensitive materials, like electronics. Large pieces of machinery are also hard to move on your own. When you rely on an esteemed moving company, they have the right materials to get the job done right.
Of course, some of these problems can only be mitigated through the help of your commercial landlord. The owner of your property is the one who has to make all the updates so don’t start hammering down walls if you are working in someone else’s space. In addition to moving your office to a new location, you might also want to consider buying a permanent space of your own. Of course, this comes with a slew of other updates and responsibilities. However, it can save you the effort of jumping through hoops if you have to change your office’s layout frequently. In this case, you might want to rely on an experienced realtor to find you the company instead of splitting your time between finding a new place and managing your career.
You might also want to consider the benefits of employee parking. If you happen to have a large garage in which you can park employee cars, investing in simple garage door repairs from a responsible garage door company can make a world of a difference for the safety of your employees. This can be a huge relief when winter arrives and employees are struggling to find a good place to park. Not only will they always have a place to park, but you can be sure that their cars will stay safe from the threat of snow and hail. Just be sure to install some garage door security lights to prevent thieves and assailants from hiding out in the shadows.
If you don’t have a garage associated with your office, it might be worth building your own corporate garage, too. The benefits of having a garage cannot be understated, even if you’re just using it as a great place for storage. Try investing in some do it yourself garage storage ideas or ask a professional for help organizing the various items you have. There are plenty of cool storage ideas for garages if you’re willing to put your mind to it. Your employees will enjoy experiencing less clutter in the office and you will have an organized place for the items that you don’t need right now.
Updating your office is essential for workplace comfort. Rely on those tips when you want to make smart business investments this year.
Outsource when needed
A company that specializes in machinery might not know two things about email marketing. That’s when relying on a professional is your best bet.
After all, hiring your own in-house marketing team isn’t a good idea if you don’t have the funds to hire someone full-time. Outsourcing is a type of business practice that hires “a party outside a company to perform services and create goods that traditionally were performed in-house,” according to Investopedia. There are entire marketing agencies devoted to providing affordable services for a range of companies.
Relying on another company for your email marketing can make a big difference. They’re known to staff expert copywriters, data analysts, and more to get the best results. They can even break down the numbers for you in terms that you understand. But it isn’t just marketing that you have to worry about. The act of building a website can really help when it comes to maintaining quality client relationships.
If you don’t have a website, it’s time to call web development companies stat. Investing in a personalized website is the best way to prove to clients that you’re an official business. If potential clients look for you but fail to find a website, they’ll think that you’re a scammer at worst, or not invested in client relationships at best. Your website should explain your services, your hours, contact information, and anything else that seems relevant to your business on your site. This will help streamline communications and allow you to gain more business in the long run. If you invest in SEO and other forms of organic marketing to your website, this can look even better. A content marketing agency is great at performing these tasks. While you might not get immediate results, partnering with an agency like this can streamline your advertising, save you money, and help you culminate a website that actually gets traction on the internet. This is all done by churning out content that’s worth reading.
Outsourcing your advertising and marketing is among the best ways to save your company money while getting a big return on your investment. Out of the smart business investments to make this year, outsourcing is one of the best. You can even outsource your supply chain management software vendor to ensure that your products are making it to their destinations on time and without issue. While doing this yourself is possible, you’d be amazed by the ways that technology has impacted this sector of business. Take advantage of the new technologies and communicate with your clients better by using these tips.
Focus on your finances
No matter what type of business you run, the bottom line is that you need to make capital. Whether you’re a small business or a large company with stocks being traded in automated trading systems, managing your business’ finances is an important part of running any company. If you’re operating without thinking about your expenditures, you’re only going to wind up in a hole.
That’s why you might also want to consider outsourcing an accountant. Adding up your business’ payment information and taxes can be a lot to handle on your own, even if you have an accounting degree. After all, a business is large and navigating the moving parts of paying employees, refunding clients, and paying business taxes can be a lot. Sometimes, businesses are just pulled too thinly to do in on their own, even if hiring an in-house accountant might seem appealing.
If you outsource an accountant, they can identify your business’ complete tax history to make better decisions in the future. This can save your company money, even if you think you’re “wasting” money on an accountant right now. They can also compare your business’ success to other, similar businesses that have had the same struggles that you have. They can offer valuable advice when it comes to growing your business and spending smartly.
Financial experts will also help you identify when business lending is appropriate. Small business loans are especially common when it comes to getting your company off the ground, but you might feel the need to use business loans and lending programs at any time of the year (especially during dire times like those seen because of the coronavirus pandemic). However, it’s often difficult to obtain loans from banks and private lenders, especially if a business is new. With little credit history associated with a business, few loan providers are willing to give money to an up and coming company. After all, that’s why business Kickstarter campaigns have become so popular for start-ups.
On the other hand, relying on a financial expert will help you make smarter financial decisions, a key aspect to making smart business investments. They will be able to tell you how much your business actually needs in a loan and offer tips to make the loan application process easier. More often than not, your business will get rejected by a loan provider. As long as you and your financial planner realize why you were rejected in the first place, there are ways to mitigate this issue in the future.
Navigating the financial pitfalls and successes of running a business is no easy feat. Rely on these smart business investment tips to make a difference in your company.
Get your legal stuff sorted out
Is your business protected? Are your employees protected? One of the most important parts of running a business is ensuring that your business and your employees are safe from potential harm, whether that be financial, physical, or both.
As such, it’s important that you invest in business insurance. Relying on the help of a business litigation attorney will ensure that you’re able to navigate any issues that pop up between your business and other entities that stand in your way. That might be another company that wants to sue you over your name, but it might also be a client that wants compensation for a supposedly faulty product. As a business owner, you likely don’t have the experience or wherewithal to deal with a legal battle on your own. Rather, investing in an experienced attorney will help you streamline the legal process so that you can get back to what’s important: running your business.
However, it’s also important to protect your employees. That means investing in insurance for on-site jobs and having a workers compensation strategy in place in the event that they get injured on the job. Relying on a workers compensation attorney can give you the knowledge needed to adopt the best policy and better protect your employees. These professionals can also help you explain what workers comp is in simple terms to your employees who are busy dealing with injuries to understand complex legal jargon.
You could have the least controversial business on the planet, and you might still face legal issues. If you’re worried about protecting the integrity of your business, relying on attorneys is one of the best smart business investments to make this year.
What does today’s workforce look for in an employer?
Want to improve your business to attract the best candidates? Invest in the things the millennial generation workforce values. Research shows that by the year 2025, millennials will make up roughly 75% of the workforce, which is why employers looking to attract and retain talent need to know what motivates this particular generation. Below are two of the main things millennials are looking for in a workplace:
- A well-designed, collaborative space: A recent study shows that 21% of 18 to 24-year-olds have actually rejected a potential employer on the basis of poor office design or a lack of amenities. And 16% have left a job because of an unsatisfactory workspace. So, what are millennials looking for, specifically? A study by Intelligence Group revealed that collaboration is of the utmost importance to this generation. A whole 88% of millennials said they would prefer to work in a collaborative environment. This doesn’t have to mean an open plan office environment, just one that offers the benefits of collaborative workspaces (i.e. time away from cubicles).
- A healthy work life balance: Many employees report having a hard time finding a good work life balance. In a recent survey, just over 50% of the millennials agreed with the following statement: “Work and leisure should be entirely separate.” Many millennials believe that technology can be too intrusive, often allowing work to disrupt their personal lives after hours. As an employer, it’s important to not just acknowledge but enforce a healthy work-life balance; avoid communicating with employees beyond work hours, and provide and encourage vacation time.
Smart business investments
Whether you’re trying to innovate on your products or better protect your employees, there is a wealth of smart business investments that can change your company’s future. Even though 2020 has been a tough year, improving your business practices can make all the difference as you gear up for a new quarter. When you’re stuck trying to make your business better, rely on these smart business investments and tips to make the most of your company’s future.