From salaries to supplies and from tech to utility bills, you spend a lot on your business on a daily basis(Business Investments). This is true whether you run a brick and mortar location or an online store. However, when it comes right down to it, do you know which investments you truly need to make in your business? In other words, do you know which investments give you the most bang for your buck?
Here are the 5 Business Investments you need to make today:
1. Automated Software:
While you might think it’s a good idea to do everything by hand, automated software is a time saver and it’s here to stay. There are all kinds of software options out there, from software that will help with bookkeeping to order, and even some that allow you to save a website offline for use when you can’t be on the internet or if you need to go back and check something later on.
The point is that automated software can make your life easier, so why not make that investment in yourself and your business investments?
2. Income Protection:
If you run a brick-and-mortar business then you already know how important the proper insurance is. However, have you ever thought of investing in income protection insurance? This is insurance that is good to have just in case something happens and you can’t run your business for a while. Income protection insurance ensures that if an accident happens you still have money to cover your expenses. This is not only an investment in your business but in yourself and your family as well.
While there are pros and cons to outsourcing for any business, it is something that you should check into. Sometimes it pays to outsource things that don’t need to be done in-house. A good rule of thumb to follow is this: if you can’t make more money in an hour doing these tasks yourself then you would lose paying someone to do it, then you’re losing money and the job needs to be outsourced. You’re in business to make money, why would you waste time doing tasks that are losing you money instead?
Yes, marketing is time-consuming. This is another area that can be outsourced, but it’s necessary if you want your business to grow. What’s so great is that the days of your marketing is limited to a certain target audience are long gone. Today, you have everything from Facebook to Twitter and Instagram to Pinterest to use as marketing platforms and none of them are all that hard to figure out. Of course, word of mouth and old-fashioned advertising still have their place, but using both is what gets the word out there about your business and makes it a success.
If you don’t have the time or the know-how to market, then there are plenty of companies who specialize in marketing that will be happy to do it for you, all you have to do is contact them.
5. Better Bookkeeping:
You already know that organizing your business’s books is critical. The last thing any business investments want is to be audited by the IRS only to find that their books are a jumbled mess and they are in a world of trouble. Investing in better bookkeeping makes not only good common sense but good financial sense as well. Bookkeepers will use software like Knuula for easy contract engagement so you don’t have to worry about it.
These are just a few of the things you should invest in for your business today. From income insurance to marketing and from better bookkeeping to software, your business and your life will run better for it, because of the investments you make in your future.