So you have a little extra money in your business budget at the end of the year. That's absolutely fantastic! The next question, then, is what exactly you should do with it. The answer should be obvious: spend the money on purchases that will enhance your work environment and your employees' work experience, which will therefore grow your business. This guide will go over five ideas you might want to invest any extra money in for the coming year.
1. Upgraded Appliances
If your copier is old and seems to be more trouble than it's worth, you should seriously consider investing in a new one with any excess funds you may have. This will not only save your employees some serious frustration when dealing with old appliances, but save a lot of time and money you won't have to spend figuring out the problem and fixing it. Most newer appliances are also more efficient, which save time and money and will positively affect your bottom line.
2. Vending Machines
Adding a vending machine to your business can be a very smart move for a number of reasons. They can increase employee productivity by silently encouraging your workers to quickly grab a snack and keep working, as well as provide lower-cost food when employees forget their lunches. A vending machine will cut down on the need for employees to spend time out of their workday making coffee and tea, the caffeine in which will keep them awake and energized as well. It can also be a source of additional revenue if you provide a vending machine for your clients and customers to use. Look online for vending machines for sale and pick one you think would be most valuable for your employees (and customers).
3. Building Upgrades or Repairs
Is the carpet at your office old and worn? Does the building really need a new roof? Is there an old dead tree out front you haven't taken down yet? Is it time to switch to more energy efficient lighting? Keeping your building and office well-maintained projects a professional appearance that will show clients or customers you really care about the business. It will also boost employee morale to come into a nice and organized workplace every day. If you care about your business and show it in this way, then your customers and employees are sure to follow suit.
4. New Computers or Software
You should never allow your business to get too far behind the times when it comes to technology. Not only will compatibility issues with your customers be a problem, but you won't be taking advantage of any new advancements in technology that could really boost your business. There's also the problem that outdated software and systems are more prone to having security problems, which could put your company data or your client data at risk of being stolen. Shop around and see if any new software has come out that has been built for your industry specifically and then weigh whether or not it's worth implementing at your company.
5. Training Seminars or Continuing Education Programs
This could be one of the most important things you invest in for both your employees and your company. Any professional truly worth their salt needs to continue to learn, even when comfortably employed, to keep up with trends in the industry and further develop their skills while learning new things. Investing in training seminars and continuing education programs for your employees will not only help your employees grow professionally and therefore benefit your bottom line, it will show them that you care about their professional development.
Before you close out your finances for the year, take some time to seriously consider what purchases your company needs to make to ensure next year is even better for your business. Consider the suggestions listed here as well as examine your business to come up with additional ideas. With these investments, your business is sure to see growth this year.
I hope you enjoyed this post about 5 suggested potential purchases to evaluate for the purpose of reinvesting in your company.
Interested in more articles about investing in your business?
Read My Posts:
- 4 Ways To Modernize Your Company's Customer Service
- 5 Ways To Modernize Your Company's Marketing
Best Of Luck In Business To You All!
Michael J. Schiemer of Schiemer Consulting
Bootstrap Business: Money - Marketing - Motivation
Mike Schiemer Builds Better Business
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