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Small Business Investments with the Biggest Payouts

As we dive into the last quarter of 2011, a key focus for business owners will be developing next year’s budget. This recent article from Inc. Magazine gathered expert advice on where allocating resources may be most beneficial for growing your business. Below is a summary of the recommended five best investments with our suggestions on how to integrate QuickBooks into each of these solutions.

1. Employee Training: Offering opportunities for growth and development adds to employee satisfaction and retention. You can find budget-friendly opportunities to help employees expand skills, such as our QuickBooks Training course via CD with telephone support.

2. Technology: Ā Outdated software inhibits productivity. If your QuickBooks is running too slow, it may be time for an upgrade to QuickBooks Enterprise.

3. Human Resources: If your business is big enough, it may make sense to outsource this function to someone with the expertise to stay on top of the productivity of your employees. Otherwise, invest your time through self-training in staying up to date on everything from hiring to starting a payroll. For a good start, check out our HR resources page here.

4.CFO (or part time consultant): Few small business owners have the capital to invest in a full-time Chief Financial Officer, but having someone who understands your company’s net flows is critical. QuickBooks can be an interim solution to get you started on your budget, and help raise red flags when profits aren’t meeting expectations. See here for a quick overview.

5. Acquisitions: As the Inc. article notes, you should only seek mergers if your own company is in a stable position. If you are in a position to acquire another business, contact us for help in reviewing the old file prior to transferring the information to your file.

Making wise investment decisions can help your business grow even in the midst of a struggling economy. Where will your business be spending next year? Feel free to comment and leave suggestions for fellow entrepreneurs!

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