Five excellent ways for SMBs to invest their Cloud savings

As a small business owner, imagine what your business could achieve if you received a bundle of cash to do with what you please.

If you were released from the restrictions of a tight budget, even if only for a short while, and free from making compromises on which areas of the business to spend, what would be the first thing you’d do?

On average, businesses switching to cloud computing observe a reduction in annual costs in the region of 23% – a pretty substantial amount. Adopting cloud based systems is, in effect, passing cash right back to you, the business owner, to do with what you please. With these savings from the cloud, you might start thinking about re-investing this money, so take inspiration from some of our suggestions:  

Training & development

Often a source of dilemma for many employers, training and development is typically the first area to freeze when there’s a squeeze on your expenditure. Investing in your team’s learning and skill development is great news for your business and fantastic for staff engagement and commitment, so you may want to consider thinking about the benefits that it would bring to your SME if you’ve got some spare cash ‘lying around’.

Recruitment 

With a small workforce, or maybe even being a one-man band, there’s a risk that you will have been spreading yourself too thin trying to achieve growth for your business at a cost to your health, well-being, or your social life.  Even with the automation of cloud computing at your disposal, sometimes the only solution is to find an extra helping hand to lighten the load. Perhaps, putting some of your savings from the cloud towards recruitment isn’t such a bad idea.

Rewards and perks

For small businesses, often staff go without the bonuses enjoyed by more established counterparts. But when you’re in a cost saving position, is it now the time to reward your team?  Whether you opt for a financial bonus in their pay packet or improving the office environment with a little decoration and some Friday snacks; letting your staff know that you appreciate their efforts can go a long way to boosting morale and building loyalty within your team.

Product or service development

Investing in your product development is a great way to grow your business and add finesse to your finished article. By expanding your range of products or services, you have the potential to expand your client base and increase sales, helping you to improve your bottom-line.

Promotion & marketing

With some extra cash, it could be the time to invest in some promotional activity to raise your business profile and drive your sales. Often this is an area that some businesses struggle to justify spend, but with some additional spend available from those cloud savings, now would be a good time to address your marketing strategy and reach a bigger audience.

So, after you’ve made the choice to switch to the cloud, and have witnessed the commercial and technical advantages cloud computing offers to a business, you’ll be faced with the hardest decision of all, where to begin spending your savings.

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