Most small business owners and solopreneurs would love to take a small raise and enjoy a relaxing vacation instead of spending more money on the business venture. However, you sometimes have to invest in your business to keep it healthy and give it the boost it needs to bump up to the next level.
Bankrate confirms that investing helps you grow your wealth, providing you with even more purchasing power over time, making today’s sacrifice worth it.
Are you trying to think of new ways to let your money work for you? Here are the three best investments for your business in 2020.
1. Choose a New Savings Option
It is easier to accrue the money you need to make vital investments if you have a high-interest earning savings account. The Balance recommends checking out options like online-only banks since they have relatively low operating costs, thus offer higher interest rates. Here are a few options available for business owners searching for a way to boost your savings game:
- High-Yield Savings Accounts. Online savings accounts at institutions including Comenity Direct Bank, Vio Bank, WebBank, and Popular Direct offer better-than-average interest rates.
- Money Market Account. Money market accounts offer a more traditional experience and level of security but with higher interest rates. One catch on this type of account is the restricted number of transactions, but they are an ideal way to set up an emergency fund or put away some cash.
- Certificate of Deposits. Also known as a CD, a certificate of deposit offers rates far above most regular savings account plans. The twist for a CD is that you need to invest your money for a specified amount of time set by the financial institution. Banks often offer 2 percent rates when you deposit your money for up to five years.
2. Try Recruitment Process Outsourcing
As your business begins to flourish, you need more talented employees. However, you may still need to develop a full and well-defined human resource department. One solution is to invest in recruitment process outsourcing (RPO), which is a business model where a third-party company, such as Hudson RPO, manages part or of all of your HR functions to drive quality, efficiency cost, service, and scalability. With this partnership, tailored to the level of collaboration your organization needs, your RPO helps you find the talent you need when you need it, reducing time-to-hire by 40 percent and saving up to 50 percent.
3. Devote Resources to Customer Relationship Management Software
Customer relationship management (CRM) software is a highly specialized business technology the helps you manage all of your organization’s interactions and relationships with customers and prospects. The primary objective is to enhance, foster and maintain those business relationships. When you invest in a program like Creatio from Customer FX, you can stay connected to customers, attract new prospective customers, streamline critical processes, and boost profitability. The Creatio CRM system features a user-friendly interface while it is also agile and easily adapts to your business’s rapidly changing demands.
Focus on Investments That Pay Off for the Future
Sacrificing rewards today will help you reap far greater rewards for and from your business in the future. Preserving your current reserve, forming partnerships to attract the best talent and finding ways to improve your customer engagement are crucial investments to keep your business running smoothly and increasing your profits.
