Securing Long-Term Growth in Your Business: Four Key Areas for Investment
This is the generation of the small business, with more and more new SMEs starting up each year – with figures pointing to something like 80 created per hour in the first half of 2021. Starting a business is an exciting endeavor, but growing one is a different beast entirely, especially with regard to long-term growth. The following four sections are key areas in which you should invest to all but guarantee the safe and secure growth of your business.
Investment in the tools you and your employees use to grow your business is nothing short of crucial for sustained growth and improvement. Technology is in a constant state of advancement, providing faster and more efficient solutions as time goes on; there is a reason that Windows 97 is not a common sight in the modern workplace. Not only does investment here benefit your work, but it also benefits your employees – less time spent struggling with outdated hardware or software means less overall stress, equating to better office morale. The same goes for manufacturing equipment and machinery, where constant upkeep and investment can keep production at a competitive level.
Speaking of staff morale, direct investment in your employees and workplace structure can foster a much more effective work environment, by way of engendering positivity and trust in your business. Offering higher than the median wage for a given position, in line with a generous package of benefits, can attract the best candidates in a given field, and ensure higher employee retention too. Provisions for staff should include flexible working hours and mental health support, to maintain a positive working relationship with your cohort.
Processes and Automation
Inefficiencies in your business’ structure and processes can cost you money over time, especially where mismanagement of personal or financial information could amount to fraud. Task automation can take a lot of risk out of the equation, with outsourced payroll management solutions ensuring both HMRC and your employees are paid accurately and on time. Instituting an internal auditing process can help streamline other avenues of your business and give you more of an understanding of how your office is operating.
Marketing and Sales
The first three areas all related to internal investment, and that is for a key reason; your offering, whether a product or service, will benefit more from a solid foundational business structure in the longer term. Directing your investments outwards can cause your business to burn out early, by overextending a workforce to cater to demand or failing to meet expectations. With rock-solid investment in your business’ workings, you can turn your attention to investment in marketing and sales – the point at which you can make good on your positive business reputation. Using tools such as SEO and email marketing will garner far better reach and lead generation than word-of-mouth most times, making them key areas to place your money.