The past few years have certainly been challenging. Businesses everywhere have endured swings in the economy, resulting in tough decisions that affected staffing, the delay of capital investment, and employee training and benefits. Times like these force us to learn to do more with less.
However, it might be time to resume investing for the future. The economy seems to be coming back with employment gains in 42 states, according to April’s Bureau of Labor Statistics report. What could this mean for your business? Where will you invest in the future? What does your business need to do now to benefit from the next uptick?
I’d like to suggest that we should consider investing in both people and technology. Maybe your facility could produce more with the same staff if you invested in technology and equipment. Or perhaps, you have people that could be more efficient with investment in training or education. This issue of Current Connections tells of companies using technology investments to prepare for their future.
The economy has forced many of us to be more financially conservative and do more with less. However, while we need to learn from our past experiences, we must be careful not to get too conservative and, thus, not be prepared for the future. Take a little time now to reflect upon where you will make your next investment.
This is the first Leader Message Jack Woelber wrote and was first published in the Summer 2011 Current Connections.