Wise Investments to Consider for Your Business in 2024

As 2023 comes to a close and a new year dawns, many small business owners look for ways to grow their businesses. Investing profits back into their business can generate steady growth. But which investments should companies consider to ensure a positive 2024? Read on to consider the top business investments to make in the coming year that can better secure your company, improve consumer opinion of it, and earn new customers.

Invest in Marketing

Invest in marketing your business online and offline. Digital marketing does not have to cost a lot. Social media accounts can help reach consumers, and the most engaged advertising audiences spend 76 times more online. Create a free Google My Business (GMB) page and Bing Business page to leverage mapping placement and local searches. A professional marketing agency can help you with these steps!

Offline, advertise in local newspapers, regional magazines, industry publications, and using fliers. Some businesses located near the interstate or right by highway exits benefit from billboards.

Update Your Business Signage

Retail businesses, cafés, restaurants, and fitness centers need eye-catching signage to draw in customers. A lack of signage at a business stops 60% of consumers from entering it. If your business relies on walk-in customers, updating your business’s sign and front door to accurately identify it can help you earn more customers.

Improve Your Business Through Technology

Improving a business through technology refers to updating or adding computers, tablets, smartphones, and more. It also means using online technology to improve business processes. For example, leverage the $7 billion document management services industry to reduce paper in your office and create a searchable database of your business documents! This improved business process saves your staff time, eliminates filing, and transforms paperwork processes to electronic ones.

Make the most of today’s remote technologies by establishing cloud storage, virtual servers, and cloud apps. Purchase a digital signature program that lets you and your employees sign documents electronically to eliminate much of the printing in your office. This electronic signature usage helps reduce paper waste and printer ink use.

Institute a Comprehensive Recycling Program

Consumers consider which companies offer green businesses. They want to see a company operate with energy-efficient and ecologically sound practices. Recycling every product possible, from paper to aluminum cans to printer cartridges shows your commitment to the environment. It can also help you recoup some money outlaid for supplies.

Invest in Cybersecurity

Computer security once meant having a strong password for your work computer. Today, it runs the gamut from securing local machines to protecting customer personal data in the cloud. Hire a cybersecurity consultant to determine your business’s top security needs locally and in the cloud; then, implement those protections carefully.

Determine How to Expand Using a Remote Workforce

Expanding the business’ workforce offers one of the most important investments available to a company. You don’t have to have the funds to hire a full-time employee to expand your workforce. Use platforms like Upwork, Freelancer, and TopTal to contract with freelancers from across the globe. These independent contractors can provide your business with the specialty skills needed for growth.

When you plan your business year, target these wise investments to grow your company. Make 2024 your breakout year by investing business profits back into the firm. Business process improvements, remote staff, and the right marketing can help you grow quickly and smoothly over time.