At the beginning of each year, successful ventures do two things: analyze the year behind them, and plan the one ahead. If you’re doing the same, you probably want to know how to invest your funds to yield the best results. This article will help you assess the best opportunities to double down on so that you can reduce costs and increase revenue.
Navigate the Economic Uncertainty by Managing Your Expenditure
It’s no secret that inflation is a beast. Chances are that 2023 will be challenging on all fronts so it would be wise to look into all the ways you can reduce costs as much as possible. Every coin does count, but for high impact follow the Pareto principle and invest into one method that will change your business the most: automation.
Outsourcing is giving way to automation, which has proven to be more reliable and easier to implement. It can be applied to almost all branches of almost all industries. For example, artificial intelligence and machine learning can significantly increase productivity while reducing labor costs and HR complexities. The technology also provides analytics that will allow you to plan and predict your business’s future, so you can manage your venture proactively instead of reactively.
When discussing costs and automation, most managers don’t even think about printing. And yet, this often forgotten part of daily office life can have large impact on both running costs and time spent on admin work. To reduce both, consider investing in a print management solution. This step alone will eliminate unnecessary printing, remove ‘dead printers’, prevent possible security breaches, and bring down admin time from up to 8 hours per device down to only 5 minutes.
Improve Customer Experience to Grow Your Revenue
If your website is not already designed for mobile users first, your business is lagging behind the market expectations. But designing for mobile is no longer enough. Customers now expect all-round support, including an omnichannel presence (phone, email, social media, chat, and others). Here you could expand your services by offering accessibility through the Internet of Things, allowing your disabled or elderly customers to interact with your business comfortably and without any obstacles — physical or otherwise.
Going forward, interactivity and immersive technology will slowly become the norm. Depending on your industry, look into available options. For example, clothing brands might invest in online boutiques where customers can try the items on virtually, while hospitality businesses might offer 360-degree virtual tours of their venues.
Prevent Disasters Instead of Repairing the Damage
Idleness will cost your venture and not only in lost opportunities. Cyber threats target businesses regardless of their size or industry. The number and variations of ransomware circling the web are always growing. Thus, your venture needs to be on top of your cyber security strategy to minimize casualties.
Your cyber security strategy should be revised at the highest level and implemented throughout the company. If this is currently not the case, updating it should be on the top of your list of priorities, knowing that an average attack can cost you thousands.
Automating security measures takes the human factor out of the equation and reduces the risk of the protective measures expiring or not being updated properly. Keep in mind that employee education is just as important since most cyber attacks happen due to human error — such as the Uber attack in September 2022.
Create an Investment Strategy for Your Venture
If the budget is tight and you cannot invest into all of the suggested areas straight away, make an effort to prioritize. Consider investing into money-saving strategies first, so that you can create more leeway for growth tactics.
Whichever direction you choose, make sure to assess both short term and long term gains, as well as the cost of not implementing a solution. Putting things into perspective will give you a clear picture of where to direct your attention and your funds.
