Some people say that you have to spend money to make money. I generally say BS to that. You can get a lot accomplished in your life and business with a little well-placed knowhow and some patience
But, in some cases, they’re right. When your business growth slows due the limitations of your current model, these are the 3 investments that can help take you up to the next level.
People
The people that you hire for your business can either make or break you. Whether you’re hiring an employee or an independent contractor, the right person helps you to increase your revenue by allowing you to focus your time on your core skills.
Determine what the market is for a similar employee. You absolutely get what you pay for in employees. You don’t have to pay more than everybody else, but you definitely shouldn’t be paying less.
Also be confident that the person you are bringing on is a good fit. It’s more than just if they have the experience. You need to determine if they have the personality and temperament to fit in with the company culture. Even if that culture is just you.
Tools
I’m a big fan of bootstrapping. I love entrepreneurs that use their ingenuity to build a business from the ground up. This can often mean making do with a less than ideal tools until the time comes to upgrade.
This time comes when your use of these tools starts to hinder your ability to succeed.
For example, a photographer that’s just starting out doesn’t need the most expensive or high-tech editing software. But as the business grows and they take on more clients, they will hit a point when that software is holding them back from where they want to be and the money that they could be making.
You always know when you’re using tools that aren’t stellar. So, plan for the future expenditure of replacing it and set aside some of your income each month. That way, when the time comes, you have the funds to make the purchase that will help you improve your product for your customers.
Yourself
Your business is an extension of yourself. If you aren’t taking the time to constantly expand your knowledge, then how can you expect your business to succeed?
All industries grow and change. It’s important to keep up with those changes so that you can continue to provide excellent products and services that your customers want to invest in. Foregoing learning and new opportunities to save a few bucks is a really good way to get left in the dust of your competitors.
Continuing education and attending conferences are great ways to invest in yourself. They both give you the chance to meet new people in your community and stay on the cutting edge in your industry.
Don’t cheap out on your education or learning experiences. The cost can sometimes be tough to swallow, but it can pay off big in the end.
If you only take one thing away from this blog post, let it be that skimping on these 3 investments can cost you a lot more in the long run. The old adage that you get what you pay for has been proven true time and time again.
Investing in your business is an exciting opportunity to grow by leaps and bounds. The right people and tools will pay for themselves many times over so don’t be afraid to spend a little money to make a lot of money.
Unsure if you’re ready to make these investments? Your financial information holds the key. I can help you learn to use that information to make better decisions and finally achieve peace of mind. Contact me today to see is a virtual bookkeeper is right for you