What Is The Best Investment I Could Make In My Business?
Fortune 500 companies can take the hit on a big investment gone bad. But for an SMB, every dollar spent can make or break their business. Over 1 in 4 SMBs start with no financing at all, while almost 65% have $10,000 or less when launching.
So how can you make the best investment possible for your business? Here are the top five investments you could make for your business in 2021.
IT Services And Cybersecurity
The cost of hiring one IT expert in your business can be an expensive investment. A cost-effective solution is investing in Managed IT services, which provides you with a team of IT experts for a lower fee than one yearly salary.
Managed IT services are when you outsource the worry of your cybersecurity to a dedicated supplier, who will provide a plan for your IT protection, data-storage and even physical device health. There is no way you won’t make an investment on managed IT services.
For one yearly fee you can protect yourself from the risk of huge financial or legal losses caused by one cyber attack.
Old or poorly functioning devices waste time in terms of productivity, and also risk data loss. If you work with a small team, providing them with up-to-date laptops and hardware can be a huge boost to productivity.
When your business has a small group of workers, their ability to work effectively has a huge impact on your business. Studies show that over 85% of companies will cite their biggest investment is in technology. Combining managed IT services with decent hardware will boost your business growth in 2021.
Digital marketing is how you reach out to customers in the online marketplace. It includes your website, digital advertising and social media channels. During the pandemic, as the world went online, digital marketing has become the number one way to advertise your business.
Digital marketing helps with brand awareness and recognition, targeting the correct customer, and reaching your audience with digital advertising.
Outsourcing Your Accounting Services
As a SMB owner you are expected to wear a lot of hats. Marketer, salesperson, manager – you name it, you need to do it. Yet outsourcing your accounting ‘hat’ to an expert is a great investment.
You can invest in someone to help you avoid financial pitfalls, and ensure your books are up-to-date. They should also be able to advise on the best accounting software for your business to reduce the amount of paperwork you physically have to do.
As an SMB, your biggest investments are the ones that can increase your security and save you time and money in the long run. Managed IT services offer all of this as you have a dedicated team working on the security of your business.
Having up-to-date tech will keep your team productive, while digital marketing will help you get your brand out there and increase business. Accounting services can help you find ways to invest and accurately capture your expenditures. These services are cost-effective and you will quickly reap the rewards as your business expands in future.