Business isn’t just about selling a product or providing a service and making a sale. There are so many aspects to consider for a business, it can be overwhelming figuring things out. As you already know, money plays the biggest role in every business ranging from paying off the monthly expenses to putting away enough for savings. However, businesses grow from investing their capital into various things. In this post, we’ll be going over what business needs to invest in to succeed and grow.
Company Vehicles
Depending on your niche, you might want to invest in a fleet. When you’re just starting out, acquiring a set of vehicles may be a little difficult, and rightfully so. A fleet costs thousands for just the vehicles alone. That’s not counting the other expenses you have to pay for as well. No business can just purchase a bunch of vehicles and then let them loose on the street. There are rules and regulations you must adhere to first.
To start, you must invest in the appropriate equipment such as dash cams, electronic logging devices, and anti-lock brakes. You also need to implement a GPS tracking system, so you or a fleet manager can keep an eye on the drivers. A great way to increase visibility is to pair dash cams alongside your GPS systems to ensure your drivers are safe and sound. It also helps you reduce the costs for fuel and maintenance. When it comes to maintenance, you also want to get fleet insurance, which lets you cover every vehicle you have on a single policy.
Accounting Software
One of the most important pieces of software every business needs is accounting software. Accounting software helps you understand the value of money and is what keeps an organized record of a business’s transactions as well their daily operations. Here’s what accounting software can take care of:
- Asset management
- Subledger accounting
- Reporting and analytics
- Expense management
- Revenue management
This software isn’t free, unfortunately, but there are a few free trials for you to try out. Once you’ve gotten an idea of how it works, you can then look to paying for a plan. These software plans come in the form of subscriptions and can cost as little as $9 to $20 to as much as $1,000 per month.
Remote Onboarding Tools
Every business is going to need new recruits. Employees are the backbone of a company and handle the lesser, but just as important, tasks. However, the recent pandemic of COVID-19 has made potential employees apprehensive about going to in-person interviews. Fortunately, COVID-19 was also the catalyst to push technology past its limits and make the impossible possible. These days, remote work has skyrocketed in popularity because of the pandemic.
As such, remote onboarding tools have become a necessity for all businesses. An example of remote onboarding tools would be Zoom, Google Meet, and even Discord. These are all platforms that let people video chat with the best possible quality. What’s more is that they’re also free to use. However, you’ll still have to invest your business capital into, like a learning management system, HR systems, onboarding software and performance management software.
