Business owners benefit from strategic investments designed to support growth and profitability. However, it’s easy to lose sight of the finer details when you’re overly focused on the big picture. Not every valuable investment will be major, and sometimes it’s the smallest things that offer the biggest returns.
Here are some of those things.
1. Cases for all devices
Whether you issue your staff laptops, tablets, or smartphones, protect all company devices in secure, durable cases. Screens and camera lenses crack easily when devices are dropped, and repairs and replacements aren’t cheap.
Make it a company requirement that all devices need to be kept in their protective cases at all times, unless it’s for a legitimate purpose, like replacing a worn or broken case.
2. Ongoing employee training
You can’t put a monetary value on offering ongoing employee training because the value extends to every corner of your business. Training is the key to everything.
Investing in a comprehensive training program (or creating one yourself) will allow you to develop your team in a more effective way. It will lead to higher productivity, better customer service, and reduced turnover. When employees feel valued and prepared to face challenges, they’re more likely to remain committed to your business and give a higher level of performance. You’ll recover the cost of advanced training through higher efficiency, fewer mistakes, and stronger employee retention.
3. Asking for feedback and implementing changes
You can’t fix what you don’t know is broken, and nobody can tell you what’s not working better than your own team. Ask for feedback, or at least make a feedback box available for your employees to submit their observations, concerns, and ideas for solutions.
Many times, it’s the employees who first know when something is wrong that has the potential to negatively impact the business. The only way you’ll get this information is by asking for feedback. The best part is it’s free.
4. Customer service software
If you don’t already have an amazing customer service center where your customers can log in to view their past purchases, invoices, and submit tickets to your support team, getting this type of software is worth considering. There are plenty of pre-made applications on the market that you can brand as your own, or you can hire a software development company to create one from scratch.
While software development isn’t necessarily cheap, and will probably cost a few thousand dollars, you’ll recover the cost through fewer chargebacks, less negative feedback online, and a host of happier customers who are willing to tell their friends and family about your products and how well you treat them.
5. Professional consultations
Sometimes the best investment you can make in your business is bringing in a qualified professional to advise you about something that isn’t your area of expertise. This could be someone you hire to help get a handle on your inventory, sales process, client meetings, or anything else you need help with.
6. Quality technology
Technology that employees rely on daily should be high-quality. For instance, if you need to buy microphones for your team, don’t just get a bunch of cheap $10 Lavalier mics. They’ll probably work a few times out of the box, but then the quality will quickly degrade and your team will sound like they’re under water – if the mics work at all.
Investing in decent technology doesn’t have to be a huge expense. For example, you can get an uninterruptible power supply (USP) for relatively cheap to make sure you never lose any data during a power outage. Some wireless mice don’t last more than a year, but cost around $100. A similar wireless mouse might cost around $80, but will last for many years. Price doesn’t determine quality.
A monitor mount is one of the most important, yet inexpensive devices you can get for your employees. They’re easy to install and will prevent neck strain and reduce the potential for workers’ compensation claims.
7. Digital marketing training
Since marketing is the heart of getting sales and long-term customers, it makes sense to keep your marketing team in the loop with current trends and ensure they have access to ongoing training. Sometimes marketing teams come from a variety of background and strategies clash. Group trainings can help your marketing team get and stay on the same page while working on executing their overall vision.
Don’t overlook the details
When making strategic investments in your business, don’t forget the small stuff. The true value of an investment doesn’t come from how much it costs, but how it helps transform your business for the better.
