It is important to always be smart when using business finances, but particularly in times like this where margins are fine and companies need to do all that they can to improve their bottom line. So, what are a few good uses of company money in 2021? It will depend on your particular business and any issues that you are currently facing, but there are a few smart uses that could see a significant return on investment and/or take your business to new heights. Read on to discover a few of the best ways that you should be using your company money this year.
Outsourcing Instead of Hiring
First, if you need to bolster your workforce then you should look to outsource this work instead of hiring new employees (which can be a major cost). There is an enormous and growing pool of talented freelance workers that will help you to make big savings, lighten the workload for your team and still work to full capacity (and potentially increase your output).
Market research is not just for when you first start the business and conducting research throughout the business’s lifetime enables you to stay current and find new business opportunities. Market research including customer surveys could be particularly useful in 2021, as it is clear that the pandemic has changed the landscape and there could be new opportunities to take advantage of or different attitudes that your target consumer has adopted. This market research could help you to get your business back on track this year and ensure that you are able to quickly adapt to a post-pandemic marketplace.
As if trying to handle the pandemic was not enough for business owners, COVID-19 has also led to a rise in cyber attacks with more people working remotely and phishing attacks becoming more advanced and looking to take advantage of people when they are vulnerable and so much is changing. A phishing attack could be devastating to a business in these difficult times, but you can discover how to protect yourself and your business by clicking here. Businesses will need to step up their game when it comes to cybersecurity this year and this will be an important and smart use of company money.
Remote Working Tools
If your business has struggled to adopt remote working during the pandemic then it is understandable that you will want to get back to normal. It may be some time before this happens, which is why it is worth spending money on remote working tools, including software, technology and equipment. You might find that this helps you and your team to overcome the challenges of remote work and start to reap the benefits that many businesses have been reporting since making the switch (and potentially continue with remote work once the pandemic ends like many are planning to).
Business owners need to be careful and intelligent when it comes to using company money this year, but the above are all good ideas that could help your business to thrive in 2021 and beyond.