In the exciting world of business it’s easy to get swept up in marketing jargon. You may just end up committing to a new service provider, employing more people or buying equipment someone said you simply ‘must have’.
Upgrades, new ideas and transforming your business aren’t necessarily bad ideas. But what you do must give you that ROI so you have something to show for it. Otherwise it’s simply an unnecessary expense instead of an investment.
And in these cases, it’s also all about timing. What you invest in must align with what the market requires and what your audience needs now.
So, what are the best aspects of your business to invest in during 2020? We did the research and here’s your top 5 list.
Business Growth in 2020 – 5 Areas to Invest in This Year
We’ll start with one of your biggest assets: your staff. And let’s be clear that it’s ALWAYS a smart idea to invest in this area of business.
Your staff members form your voice to your clients, suppliers and community. You must align them with your vision, values and purpose.
But in 2020 it’s also time to use modern tools to improve your team. For example, use AI in the HR department to analyse data and tell you what characteristics you should be looking for in new member who join your organisation. Or find out which employees are thinking of resigning so you can manage the situation.
Your data is another asset you need to manage. These days you only have to look at the news to know that natural disasters are just as likely to be the cause of data loss as human error is. You may experience damage to your building, your computers or your paper files, all by accident. Are you ready to face such a scenario?
It’s smart to upgrade your data recovery plan, whether you keep updates off site or employ experts such as Tech Brain to help you save it to the cloud. Don’t delay on this one any longer.
We mentioned data analysis already, but it’s important enough to give it it’s own section.
With modern technology you can analyse data faster and more accurately than ever before. The value it adds to your business is immense. And if your competition is already using analysis effectively, you’ll find it difficult to keep up when they start using it to guide their decisions.
Imagine how you can impact the industry when you have more definite insight on the following matters:
- What type of marketing really works for your niche.
- Which customer complaints affect sales the most, so you can tend to them ASAP.
- Identifying which leads are most likely to turn into committed sales, so you know where to invest the most time.
- More effective use of resources and staff.
Analyzing data can help you in all these areas, so it’s time to call in the experts.
Personalising Your Approach
In the competitive market, your audience members are getting bombard with information, so you need to find ways to stand out from the crowd. For many consumers, there’s nothing better than feeling understood. Nobody wants to only be a number on a business’ contact list.
So, how can you personalize your approach? This list may spark your creative juices:
- Adding recipients’ names to bulk emails.
- Using owners’ images on marketing material. This makes a company seem less clinical and more personal.
- Respond to messages sent on social media to show you care about your clients.
- Use technology to send new product suggestions that are relevant to an individual’s shopping history; not simply a list of your best specials for the month.
This is a wise investment, because when people feel validated they may turn into loyal return customers.
Last on the list is this: see how remote features can enhance your business:
- Will employees enjoy more work satisfaction by remote working instead of sitting in traffic?
- Can you monitor aspects of your office remotely. For example, switch off appliances or monitor security cameras. This leads to many benefits such as improved security and less power wastage.
- What software can help your off-site workers function more effectively? Help them access information remotely and they don’t have to waste time driving to the office anymore.
Where will you invest in 2020? With new technology your options are endless. Remember to make wise decisions so it’s money well spent and you can see positive results a year from now.