3 Ways You Can Grow Your Business in 2023

Dec 1, 2022

It All Starts with Buying New Tech for Your Business

In the past few years, businesses have undergone tremendous transformation in an effort to keep up with unprecedented world events and changes. All signs point to 2023 remaining just as filled with ever-evolving developments. Still, one thing is for sure — we’re bound to have opportunities for business growth and improvement. One unmissable opportunity is buying new tech for your business.

As the year ends, businesses must also gear up for tax season in order to have a financially smooth 2023. Luckily, there are end-of-the-year tax benefits that allow you to claim deductions on new tech purchases. It’s the ultimate holiday gift for your company and a great way to kick off the new year.

This blog will explore how you can prepare your business this holiday season for an even more successful year.

1. Buying New Tech for Your Business

Too many companies make the mistake of holding onto outdated technology until it dies before making new purchases. As a result, they deal with slow systems that often decrease productivity, efficiency and staff morale. Instead, businesses can take advantage of end-of-the year tax benefits like Section 179 to invest in new tech while saving big.

With Section 179, businesses can deduct the total purchase price of qualifying equipment or software purchased or financed in the tax year. This tax deduction was created to help ease tax burdens (particularly on small businesses) and encourage organizations to invest in new tech.

2. Staying Up to Date with Industry Trends

The new year will come with its own set of industry trends that you must keep on top of to remain competitive. Doing so is also a great way to ensure that your products and services are relevant to customers’ current demands.

You can keep up with trends, like digitization or automation, in several different ways. The first is to read up on trends through industry publications and websites, local and national newspapers or blogs from prominent thought leaders. Another idea is to attend conferences, trade shows or networking events where you can converse on the latest topics.

3. Addressing the Talent Challenge

One of the biggest shifts in the past few years has been how employees approach work life. Nowadays, many employees seek positions where factors like hybrid work are an option. In essence, they’re looking for a more adaptive company culture and greater flexibility overall.

As a result of these developing employee expectations, employers must re-evaluate what they can do to attract new talent. That may mean changing the company’s work structure, such as using cloud-based tools to support remote communication and collaboration. Ultimately, your business should seek out areas where you can provide new employees with an opportunity for growth and value in their careers.

Take the Next Step

2023 will arrive before we know it. There’s no doubt that with the new year will come many changes and a greater need to adapt your business to them. You can finish off 2022 by buying new tech for your business. Following that, you can look into new industry trends and reconsider how you can approach finding new talent.

Consult our IT experts if you’d like guidance on how you can leverage your tech to bring out the best in your business. You can also consult with a tax professional to learn how Section 179 applies to your business.

If you’d like to learn about other IT tools and strategies, check out additional blogs in our resources section.

 

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