Smart Investments for Your Business: Finding Clarity and Direction
In this blog post, we'll dive into a question that’s been coming up a lot lately with my clients - how to decide where to invest in your business? I'm not talking about external investing like shares and trading; instead, we're focusing on those business decisions that are an investment in themselves.
This topic has been on the rise recently as my clients reevaluate their spending and seek to elevate their businesses. Consequently, I'm receiving more contract review work, as they engage with third parties for contractors and suppliers.
The decision-making process around investments has become a real pain point for many small businesses, and I want to address it in this blog post.
With all the noise out there, it's no surprise that this struggle exists. There is constant bombardment on social media telling us what we should and shouldn't be doing in our businesses, making it incredibly challenging to stay focused.
Overwhelm is a familiar feeling for me, but about 18 months ago, I made a declaration in my own business - "I don't do overwhelm." Since then, I've managed to stay grounded and focused on what really matters.
So, when my clients ask for advice on where to invest, we take a step back and go through three essential questions:
1. What do you stand for in your business?
2. What drives you?
3. What are your goals?
Without clarity on these three aspects of your business, it's tough to make well-informed and sustainable investment decisions. For instance, if your business stands for creating a soul-led, purpose-driven experience for your customers, you'll know exactly where your logical next investments should be. On the other hand, if you're solely driven by money, your investment choices may look different.
The key is to be crystal clear on what matters most to you and your business. This clarity will help you identify where your priorities lie and guide you towards the investments that align with your goals.
Now, there's something I see a lot in the small business space - the desire for quick fixes. It's like the weight loss industry, promising a magic pill that will instantly transform you. But just as there is no shortcut to shedding those kilos, there's no overnight solution to growing a successful business.
That's why understanding what you stand for, what drives you, and your goals is so crucial. It enables you to make informed decisions on where to invest your resources - whether it's bringing on a contractor, hiring a business coach, or investing in social media marketing.
Remember, there's no one-size-fits-all approach to business. Everyone's goals and priorities are different, and that's okay. The key is to know yourself, know your business, and invest wisely based on your unique vision.
If you find yourself struggling with this decision-making process, take a moment to pause, reflect, and answer those three questions. They'll provide you with the grounding you need to make sound investment choices for your business.
If you’d like to discuss these questions further or need some advice on your business investments, feel free to reach out. I’m always here to help my clients and fellow business owners navigate these challenges.
So, remember – stay true to your purpose, stay focused, and keep making those smart investments in your business!
I also discuss this topic in the episode How to decide where to invest in business on the Rise Up in Business podcast - enjoy the listen.
Our Building Your Small Business - The Beginner’s Handbook is another helpful resource you might like to refer to for additional information.
