Business Upgrades Worth Spending Extra Money On

business upgrades worth spending money on

Right now, no one is in the mood to spend a lot of money on anything, especially if it is not going to turn into a large profit in a small amount of time. Right now, business people are more interested in recovery than they are in risk. And every expenditure of money seems very risky at the moment. No one wants to be stuck with an investment that didn’t pan out. Even if it turns out well in the long run, it ties up much needed cash flow that could make a difference right now. 

Some businesses are small enough to be upgraded with very little investment. You can get your Shopify business a better listing on Google with a small investment in SEO. That is not likely going to break the bank. And the ROI will be relatively fast. Getting a business owner to spend on a big-ticket right now is going to be much tougher. And that is really unfortunate since some of those bigger ticket items are just what is needed to get things back on track. Some of those things you need will not have an immediate ROI such as display advertising. But they are still worth doing. 

Here are a few other things that are worth the upgrade money. 

Top 3 Business Upgrades Worth The Price

1. New Computers 

This is the golden age of high-end computing. Apple’s new MacBook Pros with M1 Pro and M1 Max Apple Silicon chips are more powerful than fully loaded Mac Pros costing tens of thousands of dollars in some tasks. You can get into one of them for $2,000, or max out the high-end for over $6,000. It all depends on if you can use the 64GB of ram and 8TB of storage. 

At these prices, even the cheap one isn’t cheap. You might want to look into a home equity loan alternative. There are surprisingly easy and responsible ways to borrow a little money. Upgrading your business is one of the best reasons to do so. 

If you are into software development or video production, a new laptop can cut your compile or render times in half or more. You will save a massive amount of time on your projects. And everyone knows that saved time is saved money, especially in computer-intensive fields. Just ask Uber and Twitter. They are among the companies giving their engineers fully-loaded MacBook Pros. Regardless of the platform, faster computers can save you money. 

2. Faster Data 

Business runs at the speed of data. And your data is only as fast as your slowest component. If you haven’t upgraded your network equipment in a while, it might be time to look into the newer, faster network standards. One such standard is wifi 6. By all accounts, it is faster and better. And it is not the only part of the stack you should be upgrading. 

If you are running a small business out of your house, you will want to research business lines that are much faster. Also, you will want a line specifically for your business so that your speeds are not affected by the kids playing Xbox and your partner binging Netflix in 4K or 5k. All of these things reduce the speed you can access when you need to do business. A slow connection can be the difference between closing a deal and watching it fizzle away. While you are at it, upgrade your mobile connection to the fastest unlimited plan that also allows tethering at the same high speed. It will cost you a bit more. But your business is worth the network upgrade. 

You could also consider upgrading your company smartphones to the latest 5G service and models. With more work being done on mobile, it can pay off to have the latest smartphone speed.

3. Go Electric 

At the same time, we are moving from electricity to solar in the home, we are moving away from gas to electric in the car. New models are being released at a breakneck pace. It is time to trade the pump for the plug and start saving your business money. If you drive a lot for business, there has never been a better time to electrify your ride. Sure, it will cost a little extra up front to get electric vehicles or solar panels. But it will save you a lot in the long run. 

The Bottom Line On Business Upgrade Budgets

It is really hard to spend money on your business when you are still in crisis mode. But some company upgrades are worth it almost any time. Three of the best upgrades you can make right now are to your computer, your network, and your ride.

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