Key Business Investments That Are Worth the InvestmentOn December 28, 2020 by Hallie Howard
When it comes to running a business, there’s no shortage of B2B companies looking to make some money by selling you on a new solution. As such, a major part of smartly running your company involves knowing when to pick out a new product to serve your business and when it makes more sense to change your approach in a different way. From office supplies to technological tools that allow you to leverage customer data in unique new ways, there are plenty of investments you can make in order to improve your company’s business operations. That being said, not every tool at your disposal is necessarily worth the money, especially if you’re buying a high volume of products or software licenses.
How you spend your business’ money is crucial to its ongoing success. As such, it’s important that you spend your budget wisely and don’t just fall for any old sales pitch. Even if you’re getting a loan from Loanpal in order to cover the cost of your mortgage, you still need to pay attention to your budget. The same is true in the world of business, where borrowed money should be handled just as carefully as earned income. That being said, there are certainly business investments that are worth the money. Read on to gain more information about some of the most valuable business investments you can pursue for the rest of this year and into 2021.
Software as a Service (SaaS) subscriptions can often be worth the money.
Many business leaders think that software and tools offered under the software as a service model are nothing more than a cash grab. This is perhaps most overtly represented by some of the backlash Adobe has gotten in transitioning from standalone versions of popular applications like Photoshop, Premiere, After Effects, and InDesign to the Creative Cloud suite of products. However, when you consider how quickly updates and new features can be added to these sorts of software platforms, it’s clear that SaaS has a lot of benefits, too. Ultimately, if the SaaS software you’re looking at has the features you need, it can be worth the investment.
One of the other benefits of SaaS tools has to do with products that might otherwise be too niche to ever reach the market. For example, you can automate the communication between both utility providers and energy retailers using XML files thanks to the SaaS offered by quixotic360.com. Finding these sorts of tools for energy retailers would potentially be more difficult if it wasn’t for the ability of companies to offer SaaS solutions since the functionality is essentially more of a service than a fully-featured piece of software.
Professional development courses can help your employees become more productive.
Investing in the professional development of your employees is always a smart move. This is because it allows you to invest in your existing staff and reduce the risk of turnover by ensuring that they feel both seen and valued. Beyond boosting morale, the ability to send different employees to classes or courses to get certified in a new skill can also open new doors to your business. From becoming more productive in their existing tasks to helping you find and capitalize on new income streams, the return on investment you get on a professional development class when compared to the price you pay for that work is quite favorable.
Especially with more businesses working remotely, project management has become a much more essential role in many companies. Still, not everyone who is organized can actually succeed in the complex world of project management. As such, it may make sense to invest in a project management course for one or two employees who show an aptitude for project management in the first place. There are plenty of PMP certification online classes that can give your staff the tools and knowledge they need to find success in the fast-paced world of project management. Best of all, the flexibility of an online course means that your employee can still work full-time for you while attending their class.
New work clothes always make a strong impression.
One personal investment that can help you up your business game has to do with changing your wardrobe. Many people don’t spend a lot of time or thought when it comes to maintaining their closet of work clothing. As such, it’s easy to get into a rut when it comes to how you dress for the workday. There are plenty of studies illustrating how the outfits you wear can make a major difference in your confidence and productivity at work. That means that the money you spend on a new suit for work or a pair of slacks from Chico’s does a lot more than just put new clothing into your closet. In fact, if you have an important presentation, big meeting, or sales pitch, investing in the clothes to make a stronger impression in the workplace could offer quite the return on investment!
As you can see, many times one of the biggest drivers of whether or not a business investment is worth the money is how it interfaces with or improves upon your existing workflow. Value is in the eye of the beholder to a certain extent; however, there are some categories of business tools that are more likely to benefit your company than others. For example, SaaS solutions often stay up-to-date more and can be integrated with other platforms more easily. Professional development courses help you do double duty by boosting your staff’s skills while also keeping morale high and showing your employees that you’re willing to invest in them, too. Even a wardrobe upgrade can go a long way in helping boost morale and productivity by helping you “look” the part more. Of course, t’s crucial to think about your budget as you weigh the pros and cons of any business upgrade. However, by paying attention to some of the guidelines listed above, you’ll be more likely to make strong business decisions.