Many business owners don’t like to part with their money and with good reason. The constant barrage of vendors who want a piece of your cash pie can cause you to cling tightly to the purse strings. But have you ever considered that you could be missing opportunities to invest in your businesses and turn some of that valuable cash into even more cash?
Marketing and Advertising
Some business owners view advertising as a business expense when it should really be considered an investment in your business. When done right, the dollars spent on spreading the word about your business should come back to you. Though it doesn’t make sense to spend thousands on an ad that will only generate a few hundred dollars in sales, it does make sense to narrow the focus of your efforts and spend what you know you can earn back.
Education
Books, information products, and industry training classes provide additional opportunities to invest in your business. If you spend $20 on a book, even if you only learn one new strategy from reading the publication, that strategy could potentially earn thousands in the long run.
Outsourcing
Speaking of hours, consider what your time is worth. If you earn $100 per hour for consulting, and you spend five hours per week working on paperwork, you’re essentially spending $500 a week—or $2000 per month—on this tedious task. Instead, you could hire a Virtual Assistant or part-time employee to handle your paperwork for you. If you can hire someone for less than $500 per week, you will actually save from your investment while freeing up your time to focus on generating new business.
Business Image
Many small businesses cut corners by trying to do everything in-house. As a result, the professional image can be compromised. For example, an unattractive website can actually detract business if it lacks professionalism, if the content has grammatical errors, or if the site isn’t drawing traffic from search engines. A Web designer, copywriter and search engine optimization expert could transform a website from an ineffective online business card into a money-making machine!
Marketing and Advertising
Some business owners view advertising as a business expense when it should really be considered an investment in your business. When done right, the dollars spent on spreading the word about your business should come back to you. Though it doesn’t make sense to spend thousands on an ad that will only generate a few hundred dollars in sales, it does make sense to narrow the focus of your efforts and spend what you know you can earn back.
Education
Books, information products, and industry training classes provide additional opportunities to invest in your business. If you spend $20 on a book, even if you only learn one new strategy from reading the publication, that strategy could potentially earn thousands in the long run.
Outsourcing
Speaking of hours, consider what your time is worth. If you earn $100 per hour for consulting, and you spend five hours per week working on paperwork, you’re essentially spending $500 a week—or $2000 per month—on this tedious task. Instead, you could hire a Virtual Assistant or part-time employee to handle your paperwork for you. If you can hire someone for less than $500 per week, you will actually save from your investment while freeing up your time to focus on generating new business.
Business Image
Many small businesses cut corners by trying to do everything in-house. As a result, the professional image can be compromised. For example, an unattractive website can actually detract business if it lacks professionalism, if the content has grammatical errors, or if the site isn’t drawing traffic from search engines. A Web designer, copywriter and search engine optimization expert could transform a website from an ineffective online business card into a money-making machine!
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