Should they be buying newer, state-of-the-art equipment, hiring more people, moving to bigger and more impressive premises and the list goes on from there. Actually, there are a few key investments that are considered to be quite sound for the small business because they help to cut operating costs while also streamlining operations. Are you thinking of investing in your small business to help grow the bottom line? Here are just a few suggestions on where to start.
Time and Cost Effective Management Software
There are actually two very important types of ‘management software’ that can quickly help you reduce capital outlay because they help to streamline processes within your company. Both project management and document management software are going to be huge in helping you streamline processes, thereby cutting operating costs. If you are unfamiliar with document management software, check out the innovative new platform by Templafy. Not only can you design templates that can be used again and again, saving time and money, but you can also manage the storage of those docs online in the Cloud so they can be called up wherever you or an approved user needs to access them. This works in much the same way as a bit of project management technology, but it is focused on dos, not the actual labor.
A High Quality Website Professionally Developed and Maintained
There is nothing like being online but the one pitfall would be running a website that looks like someone’s 5th grade son or daughter threw it together as a school project. If you are going to have a web presence, invest in a professionally designed custom website that will also be maintained over time. Use chat features and as many apps as necessary to add to the user experience and you will find that visitors come back time and time again because they enjoyed their experience the first time around.
A CPA or Bookkeeper Is an Absolute Must
One other thing you may wish to consider is hiring the services of a Certified Public Accountant or a licensed bookkeeper. Now that you’ve invested in some of the above technologies, use them as tax write-offs for your company! Unless you employ someone who is up on tax laws, you could be losing many breaks and incentives written into law for small businesses like yours. Yes, it’s an investment but not one that needs to be full time! Hire seasonal help to get your books in order for the previous quarter and employ them during tax season to make sure you are paying any taxes owed but not paying a penny more than you need to. You’ll surely get a good return on the money spent to hire their services!
These are just a few of the bare bones investments any business should take advantage of. As the old saying goes, “You have to spend money to make money,” and never was this truer than when investing money earned right back into your co