There have been a lot of changes for business owners in 2018. Just one example are the changes ushered in following the passage of the new tax reform bill.
According to the firm Anderson Advisors, it’s an important time to make sure you understand the ins and outs of this legislation and how it can potentially benefit you as a real estate investor or small business owner.
One specific they point out is the fact that the corporate tax rate has been lowered, which may leave more opportunities for putting that money back into your business.
In addition to tax-related changes, there are changes on the horizon in terms of interest rates, and unemployment is historically low which is forcing business owners to be more competitive when it comes to securing top talent.
All of these are considerations to keep in mind as a business owner, and it’s also a good time to invest in your organization. When you think about investing in your business, you might think about the more obvious things like getting a new space or buying new equipment, but there are other more strategic ways to do it as well. The following are some smart ways to invest in your business this year.
Invest In Your Current Employees
One of the best things to do for the rest of 2018 is invest in your current employees. Business owners who are heading up organizations of all sizes need to be thinking about retention.
For years the sense of control was in the hands of business owners. Unemployment was high, and employers could really be in the driver’s seat. Now, large numbers of baby boomers are retiring, unemployment is low and securing top talent is tough.
A good way to get around things like the skills gap is to invest in the strong employees you already have with training and development opportunities. Not only can you give them the skills your business needs, but you can also show them that you’re interested in having them stick around.
A lot of savvy businesses have moved almost entirely away from older marketing strategies and instead rely on digital marketing.
Make 2018 not only the year that you invest in digital marketing but also the one that you do so in a strategic way. Learn more about how to track campaign performance, and how to improve your ROI.
Work with a Coach
Finally, so much of running a business is about trial and error, but could you benefit from having someone to guide you along and share their own expertise? You might want to consider hiring a business coach, and it can be especially valuable if you hire someone who’s an expert in your niche or industry.
If you’re lucky enough to have a mentor who works with you for free, that’s great, but most people aren’t. Business coaching is a huge area of interest right now, and you may be amazed the value it can bring to have an outsider give you their opinion. Sometimes the best thing a business owner can have is a fresh perspective.