Areas of Your Business to Invest In Over the Coming Months

Anyone who runs a business of any shape or size will be well aware of the idea of investment. Sure, when you set up a company, design products, carry out market research, advertise, market, and do anything else you need to sell goods, your ultimate goal is to make a profit.

You want your company to make as much money as possible and, in order to achieve this, many business owners will also attempt to make running costs as low as possible too. But it’s important to remember that success doesn’t always come cheap and making the right cuts is critical. You’ll have to invest in all sorts of different areas of your company, including and expanding beyond those areas outlined above, to create brand engagement, maximize sales, and make money.

Now, the right area to invest in well depends entirely on your company as a unique venture. What will benefit some businesses might not be as effective for others. But for now, let’s focus on some of the most popular areas of business investment of the moment.

Software

All businesses rely on various different types of software to operate. So, chances are software was one of the first investments your company made when you were first starting out and bringing staff on board. But times change and so will your company’s needs. Right now, increasing numbers of businesses are finding that their workforces are becoming remote during the current coronavirus pandemic.

Social isolation and social distancing measures that are being implemented around the world mean that workers are often safer when working from home rather than within shared, commercial premises, so the general advice is that if your staff can work from home, then they should work from home. This will inevitably mean investing in software that will make remote working easier. Microsoft Teams is a good example, as this opens up communication between employees working from different locations through effective instant messaging and video calls. Allowing employees to work from home will also reduce your monthly office rent. Consider how much money you’ll save on that alone.

Cyber Security

In a similar vein, you may find that you need to up your cybersecurity game while the staff is working from home. Cybercriminals are operating in overdrive right now, as they know that many businesses’ security can easily become compromised with untrained workers using company devices at home. Invest in cybersecurity solutions and make sure all staff is fully trained in cybersecurity awareness. This could help to reduce the chances of data breaches through illegal activities like phishing and other online scams.

A Company Car

Of course, social isolation and social distancing measures won’t be in place forever. But it’s likely that governments are going to start encouraging people to head back to work soon. So, you might want to make some investments that can help your company to adjust to working post-pandemic and to create the safest working environments for your employees as possible.

A company car could be a good investment if you’re going to need your staff to travel to meetings, conferences, or other events. It can prevent staff from having to use public transport. Of course, you’re going to have to make sure you check any drivers’ licenses and that you get legal counsel from an expert truck accident lawyer if any issues do arise in regard to the use of the company car.

PPE/Personal Protective Equipment

Another post-pandemic investment that you might want to take into consideration is PPE. PPE stands for “personal protective equipment” and goes far beyond the traditional conceptions of high vis jackets, hard hats, and steel toe cap boots that usually come into our minds when the phrase is uttered. The term “PPE” is now often used to refer to face masks and coverings, face shields, latex gloves, perspex partitions, and other equipment that can help to slow the spread of illnesses, viruses, and diseases. Investing in these areas and products can slow the spread of the virus and help to keep your staff as safe as possible while they’re working for you. You’ll also help put your employees at ease providing them with this equipment as it will help them feel protected.

These are just a few different areas that you might want to invest in for the sake of your business and its success. Sure, they may be of the moment. But there’s a reason many small business owners are directing their attention to these areas right now. They really could become useful or essential for any company right now. Determine which are best for you and try it out. You never know - small changes could make all the difference!

How To Fund Business Growth

If your small business is doing well, you might be thinking about how best to expand from where you are. Whether you want to open a second site, expand your product range with private label products for small business, or take on more staff, expansion can be pricey but can be worth the investment. If you’re ready to grow, but aren’t sure how to finance this growth, try some of these ideas. 

1. Look for specialist financing. There are companies out there that offer finance options for specific industries, such as medical finance companies that will lend money to medical professionals to expand.  This sort of funding can be used towards expansion or new office space to help you improve. 

2. Get a loan through the bank. There are plenty of loans available to business owners. Most business owners know about the loans available to get their business started but don’t always think of this kind of option when they’re trying to expand. If your finances are in good order, a loan could be a smart way to find the money to help you. 

3. S out angel investment or venture capital. Angel investors are people who invest in new or growing businesses, generally in exchange for capital. This money can be very important for a business that is stuck at a smaller size and needs assistance to expand. Just make sure you’re happy to offer capital or shares in your business. To secure this kind of funding, you will need to have a strong business plan to show how you plan to achieve the growth you’re aiming for. 

4. Explore crowd-funding. Crowd-funding can be very successful for business with a loyal customer base. Businesses like BrewDog have raised millions to help them to grow their businesses. Crowd-funding works by offering incentives and rewards to the public who buy into different levels of support. You could offer everything from free merchandise to shares in the company. 

5. Apply for a government grant. Some governments and other organizations offer grants and other options for finance that won’t leave you with debts to pay afterward. Most grants are intended for new business, rather than established ones, but there are some options out there if you keep looking. 

6. Ask friends and family for loans. Shorter-term loans from family and friends are simpler to manage, as there’s no bank to deal with, no complicated terms to meet, and usually lower rates of interest. If you do choose this option, make sure you legally lay out the terms of the loan, especially when agreeing on the terms of repayment. This reduces the risk of causing arguments later on if one of you feels the other is taking advantage.

7. Use your overdraft. If your bank has a generous overdraft option, then this can be a potential option for short-term borrowing. Just be aware that an overdraft can come with large interest fees, so it could end up costing you more cash in the long-run. This is a better option for smaller amounts of money, for example, to fund marketing campaigns, but is a poor choice for larger amounts for expanding to a second site.