Judging by the valuations of tech businesses that have come out of nowhere over the past few years, you would be excused for believing there is unlimited funding for any business that gains any traction in the tech industry. However, while there is an incredible amount of funding available to businesses in this industry, it is largely hit and miss when it comes to how successful they eventually become, and only time can tell. We will look at the best and worst things a business could invest in in 2019.
A skilled workforce
Investing in your employees will always be one of the best ways for a business to spend their money, as they will reap the benefits. Don’t be a penny pincher when it comes to hiring a quality engineer or a manager while not think twice about upgrading your company pcs. What use is all the new technology if you aren’t investing in those using it.
Consider offering employees the opportunity to take training courses to learn new skills that could be of benefit to you both. Often, employees would like to improve upon their skillset but don’t have the time to, but having an employer who is proactive in offering this could be great for both parties.
Anything that automates dull tasks
There is nothing worse in this day and age than having to manually complete tasks that could be easily automated. For example, checking emails few hours and organising meetings off these are still more time consuming than they have to be. An organisation would do well to install a visitor management system that frees up employees time by setting up meetings and guiding visitors to where the meeting is taking place. Little improvements like providing the wifi password and ordering the guest coffee, can all be done at the touch of a button online. Such investments don’t usually require a big financial outlay, so the benefits far outweigh the cost.
Expanding office spaces
In the age of remote working and coworking spaces, it is still a wonder why even with the ever rising cost of office spaces, companies still choose to expand their office spaces. If you walk into the majority of offices, you can see that much of the space is not utilised efficiently. In this day and age businesses should focus extracting the maximum amount of value they can before thinking about expansion, as it is much easier to expand space than it is to reduce it.
Putting money into advertising on TV, newspapers or the radio is seriously outdated, and not cost effective when compared to online advertising. If they haven’t already, businesses should be investing heavily on advertising through social media as you can get a much wider audience for a fraction of the cost. Granted, there are still some industries which traditional advertising would work better for, in 2019, this on a whole, would be a waste of money.