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3 Affordable Business Investments With Big Impact
There’s no one right answer in determining how much of your profits should be reinvested back into your business. Some companies follow the 50-30-30 model, keeping half as profit, setting aside 30% for taxes, and reinvesting 20% into their business. But while the old adage is that your business needs to “spend money to make money,” choosing how funds are spent and what tools and services to invest in can be a challenge. You likely already know the benefits of investing in the right advertising or a professionally designed website. But what other areas are worth propping up with your hard-earned money and time? Here are three affordable business investments that can have a substantial impact on your bottom line.
1. Professional Website Security
Is your business prepared in the event of a cyber-attack? It’s easy to fall into the trap of thinking that it could never happen to you. But research indicates that 60% of small businesses are forced to go out of business within six months of suffering a cyber-attack.
There are several things business owners can do to prevent this. For instance, setting secure passwords and changing them frequently can go a long way toward protecting your business and customers. But investing in professional website security is the best way to protect your business and your investment. There are plenty of companies out there offering cybersecurity services for business, so choose a plan that fits your needs and budget.
2. Electronic Signature Solutions
More businesses rely on remote work than ever before. In fact, nearly 75% of U.S businesses plan to implement a hybrid work model going forward. But adapting to a full- or part-time remote schedule also means investing in some smart tools to ease the transition and keep work flowing both in and out of the office.
In particular, one great investment for any business with a remote workforce or management constantly on the go is to partner with an electronic signature solution provider like Jsign. Such a service allows you to digitally sign documents on the go, from anywhere, at any time. You’re no longer tied to an office to print, sign, and scan documents as needed throughout the day.
3. Cloud Storage
Today, around half of all corporate data is stored on the cloud. Using secure cloud storage allows you to protect your business’ data while also gaining the ability to access, share, and collaborate from anywhere. For businesses with remote employees, this is a key feature to help streamline operations and prevent delays or costly confusion.
Much like professional cybersecurity, cloud storage comes in many different forms. While you can customize how much storage you need and extra features, it’s important to choose an option that offers strict security. Otherwise, you could be putting your business and sensitive data and information at risk of cybercriminals.
Choosing the Best Business Investments
As a business owner, it can be challenging to decide which investments are worthwhile for your business and which aren’t. But cloud storage, an electronic signature solution, and professional website security are three investments that are not only affordable but can have a positive impact on your business and workforce.