Somehow the end of October has approached very quickly. For many businesses this means going into full-swing planning for 2012. If you are a Chief Financial Officer or are involved in planning your company’s financials for the next year, here are 5 investments you don’t want to miss out on:
1. Employee training
This is a good benefit to give employees that isn’t directly monetary. They will value this asset, as most people these days change careers multiple times in their lives. Any kind of continuing education that helps grow their skills is very valuable. Also, it’s just good business practice to always be in “training” mode. Henry Ford once said that if you consider yourself an expert, you have a long ways to go.
2. Technology
Consider investing in smartphones for your company. Or even just newer, faster computers. New technology often greatly increase productivity. This often ends up being a large investment, especially for smaller businesses, but is well worth it in the long run.
3. Human resources
A good human resources department can be the difference between growth and stagnation. It often gives companies the mindset of looking at employees as assets. If you can’t afford a full-time HR person, there are many ways to outsource your efforts with a PEO company. It’s not exactly the same, but helps with most of the those HR functions.
4. CFO (or consultant)
Having a good and experienced CFO can lead your company to infinitely more growth than not having any financial consulting. Even if you can’t afford a full-time position, hire it out on a project by project basis when you have specific needs. There isn’t much to say about this one other than that you should do it!
5. Acquisitions
Now, you don’t want to do this willy-nilly. You company must be internally stable. You also don’t want to acquire in order to fix a certain problem. It must be a growth solution and you have to have a good business model to back it up.
So what do you think? What investments are a must for your company? Tell us in the comments, or over on Facebook or Twitter!
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