Hey Momentumers, it's the happiest hour of the week...it's OFFICE HOUR time!! Of course, you can ask me anything, and I also want to focus on a big issue that small business owners have to deal with - investing in their businesses in order to grow.
Does the prospect of a spending big money to increase your top and bottom line make you feel excited? Terrified? A little bit of both? From advertising to purchasing new equipment to investing in professional education... you have to spend money to make money! But no need to fret - just post your questions and we'll talk through the return on investment!!
OK, I'm standing by so fire away!! J.
Hi @Anonymous. What are some key factors in determining where to put your dollars when you are starting up?
Happy Wednesday All!
Personally I get excited when I can invest in my business because I know it's going to pay off.
@activemode, thanks for this perspective (and scroll down for my thoughts below yours):
From a Technological Point of view...
It's not a luxury for most people to spend money on Business. So from my point of view I'll say this... I've saved thousands, instead of spending thousands, because I delved into Technology and learned how to do it myself. There's your advantage, if you were ever looking for one. It was a long road, but well worth the time I invested learning. That excuse of "I'm not smart enough" or "I don't understand it" is not really valid, because I myself didn't understand any of it when I started. So, now I build my own tools rather than pay for excessive subscriptions. the most difficult thing is to begin... it gets easier after that.
So yes, the money has to be spent on Avertising and Marketing, but for the most part, once you get more involved with tech, it becomes easier, and the Marketing and advertising is done by you... yourself. You have to catch up, and learn, or fall behind and pay for everything you need.
And finally... yes, you can, because I did. Anything one person can do, another can learn. Time and patience is all that you need. If time is money, then invest more time, to save yourself money.
My questions back to you is about the value of speed to market when you bring on an expert right out the gate. Do you think there is value by taking that path as well? I have done both over the years (I love tech so enjoy geeking out on new programs every now and then), but have determined that it's better to pay a carefully vetted pro to get to where I need to go faster and better. 9 times out of 10 it has been very worth it.
GREAT question @ElaineTay-TGW! All of my clients invest in 2 areas ASAP:
1) Virtual Assistant: I have them engage an assistant that allows them to buy blocks of hours (never on retainer) so you only pay for what you use. The first project that I have them delegate is a recurring project which makes it easy to document the process, so it can be repeated resulting in increased competency and success. Most business owners fail at delegation because they "dump and dash" one-off projects that they don't want to do without providing detailed training, making it difficult for the VA to produce what is wanted. Make sense?
2) Bookkeeper: QuickBooks is super easy, so you can absolutely do your own books, but why not be a pro and hire a Certified QuickBooks Pro so you can focus on the number one priority to ensure your success... SALES!
Helpful? Also, are you thinking about investing in or buying something specific? Standing by! J.
@Anonymous in the software (Adobe, business and admin apps) and hardware (I work and live in a completely Apple environment) that I use for my business. I do extensive research before I make an investment in my business and that has always worked for me.
Yes, it makes total sense! I am a fan of delegation but afraid of it at the same time. Delegation relieves you of the task, not the responsibility. I didn't understand the necessity of team-building this early in the game but I see how it works for me not against me.
Yes, I am thinking about investing in coaching, I have some goals in mind and I definitely need the experience on my side to accomplish them. Thanks @Anonymous!
Yes, software can be super expensive @redrosestudios, but research goes a long way to mitigate risk. I also take review very seriously - they often make or break an online purchase.
What about offline purchases? Do you prefer personal referrals or YELP time feedback?
@Anonymous If I make an offline purchase, which is rare, then I lean more towards personal referrals.
Excellent reflections @ElaineTay-TGW, and for sure, business growth is a team sport! Having the right people "on your bus" can often be the difference between a slow and painful rise or a strategic and consistent rocketship to success! #thinkbigrowbig :)
Me too. Nothing better than a recommendation from a pal! OK, keep rocking it out @redrosestudios and feel free to tag me with any questions, any time! J.
@Anonymous Thank you so much for your time and insight. Will definitely save up any questions that arise for the next Office Hours Session! Have a rocking rest of your day!
Yes, of course. If you can afford to hire a professional, then you'll get the results you need faster.
Agreed! For fast business growth, expert plus a bit of DIY is a winning combination! Thanks as always for your valuable input @activemode! J.
P.S. I hope you are thinking about what you're going to TOOT about tomorrow! ;)
Makes sense @LeahIlanah. I like to use a "10X" rule of thumb, so if I spend $10,000, I expect that I will get a $100,000 return on that investment (ROI) over time. There's a lot that goes into determining what I need to do to generate that return, but at least I know that I have to be willing to put in the effort to increase the likelihood of a 10 times result.
Do you think that would work for you and make it a little less scary?
Sometimes this is very difficult to calculate. For example, I invested in coaching, and am not sure when I will ever get a return on that. Investing in a new website is easier to calculate.
True @LeahIlanah! The more often you can quantify the deliverable, the easier it is to calculate the ROI - especially on services. Well, my final thoughts are that yes, investing in your growth can be intimidating, but so is standing still, so high-five for having the courage to create your own destiny! TOOT TOOT to that!!! :)