In the first part of our series on business investment, we revealed that our research* showed that 32% of businesses plan to invest in their staff over the next 12 months, and 31% say they intend to invest in newer, higher quality equipment for their business to utilise.
With growth being at the forefront of most business leaders’ minds, making the right decision on where to spend your money can be crucial. Below, we take a closer look at some of the ways your investment could be made.
In business, your staff are your most crucial asset. Investing in them allows you to build a strong future for your business. Here are some examples of areas you could focus on if you think they will benefit your business…
Customer service is pivotal in business. One bad experience can be enough to tarnish a relationship with a long-standing customer for good, so ensuring yours is as good as it can be, should be a high priority.
Training your staff to deal with complaints will not only ensure a smoother customer service process for your employees but it will result in much happier customers that have undergone a less strenuous experience.
The growth of artificial intelligence (AI) cannot be overstated. Over the past few years, AI has been working its way into seemingly every single working industry, and those that adapted soonest are beginning to reap the rewards.
Having AI-literate staff can be transformative for efficiency and productivity in your business. Whether it’s the use of generative AI tools like ChatGPT or AI-driven software to enhance data analysis and market trends, having such tools in your team’s repertoire is sure to give a longstanding edge in the face of the competition.
Training doesn’t always have to happen externally. Different members of your team are naturally bound to be more experienced in some subjects compared to others, which presents a great opportunity for peer-led training to take place.
Instilling an internal learning structure helps your team communicate about skills they may struggle with, engage better, and grow mutually towards shared goals. There is also the added benefit of not needing to outsource a portion of your training to an external party – something that saves both upfront time and money.
Equipment can really transform your business. It helps make your team faster and improves the quality of your products and services. But, where should you look first when investing in better equipment?
Prioritisation is key when it comes to investing in new equipment. Blindly upgrading equipment for little benefit is not only a time-consuming process, but a needless one at that. Before you select equipment, consider asking your staff about what they feel is most needed. After all, they’re the ones working with it day to day.
If you have the facility to compare equipment side-by-side, you should take it. Doing this can allow you to benchmark your business’ performance before and after the intake of new tools and equipment. If your gains aren’t as expected, you can make further inquiries to ensure your investment doesn’t go to waste.
Investing in new equipment can be expensive. Especially for businesses in the construction sector, new machinery like diggers, excavators, and even hand tools/power tools can equate to a large upfront cost.
There are many finance options out there for businesses hoping to upgrade their equipment that don’t currently have the means to pay for it all in one go. For example, equipment finance loans are designed to fit the purpose they’re designed for – the terms throughout agreements can be adjusted depending on the kind of equipment you’re hoping to invest in.
Here at Aldermore, we want to support your business to do more. You can find out more about our business finance options here to see how we could help you.
*Source: Research conducted by Opinium on behalf of Aldermore between 16 – 29 April 2024 of 1,000 SME Senior Decision Makers.
Subject to status. Security may be required. Any property or asset used as security may be at risk if you do not repay any debt secured on it.