We are living in tough times and often it can seem like there simply isn’t enough spare capital to invest in new resources or employee development, especially as a new business.
But you’ve heard the saying ‘you have to speculate to accumulate,’ right? Well now this is more important advice than ever before. Take a look around you; Business are making severe cut backs, slimming down their portfolios, reducing the workforce and in effect cutting off any growth before it can take a hold.
–The time for prudent investment is now
Now I’m not suggesting that you go and splash your cash willy nilly as that is another direct route to disaster, but at times like this, prudent investments are what keep businesses in business! So think about shrewd investments you can make that not only will keep your company afloat during these hard times but will also see you through the future.
Perhaps it is forward thinking technology? Think about the massive change that the London underground is going through. Yes they are having to lose some customer facing roles but they are ensuring the future of their company over the next few years by bringing the underground up to date.
Make a good judgment of which departments in your business needs resources to work effectively. New and productive technologies can significantly improve level of productivity in your business. There are now great apps for almost every business process, make a great choice today and save money.
–Make the right Investment in your employees
Whilst I can’t deny that upgrading technology is a good way to go, remember that often the most important investments we make are those that we make in our staff. After all they are the people who are driving your business forward and they will do a much better job of it if they feel appreciated.
It is important that employees feel they have room to grow and develop within a company to avoid them feeling like they are stuck in a dead-end, 9-5 job. One way you can develop people is by offering training and chances for progression higher in the company.
Your employees will appreciate every resource you acquire to help develop their skills. Your employees are your greatest assets, make the right investment in their careers where necessary.
–Cutback where necessary
This is the obvious bit and the bit that goes against everything I’ve said so far! We can’t deny that we are in a recession and as such there have to be some sacrifices. Yes use new technology, but does every member of staff need their own iPad?
Yes offer refreshments in the staff room, but do they have to be high end coffee machines and Danish pastries or would some instant coffee and a packet of custard creams do?
Everyone will appreciate there has to be cutbacks and if they see that you are making these in the right places then you will be able to do this with the support of your team.
In a nutshell, the time to make some sacrifices to is now, but be careful it doesn’t impact the overall performance of your business. Make that investment in your people but be prudent, cut down cost by investing in only the crucial resources you need to run your business and finally use online business apps to increase productivity.