What investments might businesses be looking at in the New Year? Here are our top three predictions…

• Digital transformation technologies. Cloud software and digital solutions can streamline business functions and improve efficiencies. In addition, they are often cost-effective solutions that can improve long-term financial performance, especially for SME businesses needing to watch cash flow. Digital systems include cloud technologies that help manage payroll tasks, invoicing, track performance and assist with HR and training requirements. This provides more time for business owners to concentrate on planning and development.
• Improving the customer experience. In difficult times, it pays to really work on attracting and retaining customers. Providing an attractive, personal, and friendly touch point with your business might involve investment in your physical office layout, more staff training, or starting a dedicated social media presence. You may even spend some hours with a marketing professional to give you a birds-eye view of where you can enhance your brand and build audiences.
• Investing in people. While many businesses might imagine there are other things to spend money on when difficulties are faced, your number one asset is always your people. Team members can be a source of innovation and can assist with providing higher levels of customer service which helps improve performance. Allocate money in the budget not just for learning and development, but also to reward team members for jobs well done. Reward and recognition programs can help increase motivation and retain employees.