Many start-up and even experienced entrepreneurs frequently ask me: How do I get help that I need as my business grows without spending all of my profit? It’s a fine line and one that every business faces at many points along their trajectory of growth.
In the early stages, it’s paying your first set of contractors or employees and as you scale it’s financing your growing overhead, potential office space, and additional staff and departments.
Ready for the down-low on getting help in your business? Read on to find out the best ways to make the right decisions about where to get help.
Here’s my Quick and Dirty Lesson on knowing when and how to get help in your business:
- First, review the P&L (Profit and Loss) statement for your business EVERY month. It starts by knowing exactly what is coming in and what is going out.
- Second, review all your expenses and categorize them according to the highest return on investment to the lowest return on investment, including those that are producing none. Determine how you can expand and replicate what is producing profit and minimize or eliminate what’s not.
- Third, turn as many expenses into investments as possible by using the resources, team and tools you have available. Look at everything you pay for in your business and ask yourself: How can I use this more effectively so it is generating income instead of draining it?
Here are a few examples:
- How can you coach and lead your contractors and employees to help them produce income for your business so their salary is no longer an expense? This way, you can get help of higher quality.
- If you pay for a call recording service such as Instant Teleseminar: Are you only using it to service active customers or are you using it to produce webinars that will attract and convert new clients?
- If you are paying for advertising to gain new leads for your business, are you working diligently to ensure you WOW them once they join your list and bring them through the buying process?
- If you work with a coach or mentor are you doing your homework and following through on your commitments so that the program makes you money instead of costing you money?
- When you pay your book-keeper, do you challenge them to help you find additional write offs so that you can cover their fee in tax savings? This is one of the best ways to both get help and save money.
Start turning your expenses into investments. Pick one item and get started today to get help when and where you need it – while preserving your budget and your business!
Want to hear more business-building strategies for your morning commute? Check out my podcast, Unstoppable Success Radio!