In this podcast, the listener question of “What investments should I Make in my Business?” is answered. Want to submit your own questions related to growing your business? Email email@example.com or reach out to us on any of our social media!
Are you an entrepreneur wondering where within your business you could be making investments?
People tend to have a scarcity mindset. They aren’t thinking, “Gosh – how can I spend more $$ in my business?” anymore than they’re thinking, “Should I just set my money on fire today?” lol
What people ARE wondering is: hundreds of different automation tools, online courses, digital products, etc. are out there. Every influencer and their brother would agree it’s NECESSARY to succeeding in business. We’ve all had that experience of purchasing something that didn’t help or add to the bottom line.
People aren’t wondering SHOULD they invest in business. It’s the question of “Where can people invest to substantially improve their productivity, increase freedom and yet bring in more sales? “ I would talk about that in your first 1-2 short paragraphs. Talk about making that decision, who’s opinion do you believe when making purchasing decisions?
Deciding where to put money with time (because we only have both in this life to spend) there are several investment strategies that WILL facilitate growth within your business.
The core investments that any entrepreneur should put in time and energy are
- You cannot grow a business without people. The number one thing that holds a majority of entrepreneurs back from success is growth, profit and within their business, not having people to help them.
- This doesn’t mean you need to go hire 5 people today to let their pay put you in the red. When I started Kelly Roach Coaching, I hired a VA for ONE HOUR per week.
- Marketing Strategies
- Strategies include: advertising, lead generation and visibility building.
- It doesn’t mean throwing your money out the window, either. Using ‘Like’ Ads and Boosted Posts have $5/day options that don’t require you to master the entire Facebook Advertising machine to jump in.
- Facebook Live is completely free yet easy – get creative with where your time and money towards advertising will go.
- Resources and Programs
- Figure out where in your business you could use assistance. Is it your team? The amount of knowledge about specific areas? You can solve this by getting a knowledgeable source to provide resources to your team but educate them on certain topics.
- Things like 30 minute strategy sessions are a great way to get an outsider’s eye on your business, especially if you aren’t sure where to start.
- A business coach is yet another way to find areas that are lacking. Put together a game plan to solve or even figure out where the money leaks are. The ROI on working with a business coach is huge.
- What kinds of technology does your company need to function? Is it an IT department or simply having the devices?
- One helpful exercise is to track your day and your time spent on specific projects. If you are spending two hours loading content, newsletters, etc., a social media automation tool like MeetEdgar will give you that time back.
- What you pay for the tool will be smaller than the revenue from the client you close with the time you just got back.
- Skills: What areas of learning are not being implemented but also who is going to do that?
- If you need more sales, but you don’t have a person doing sales (or a sales rep who is underperforming), then you’re simply not growing.
- Consider if it makes sense for you vs. a team member to learn the skill. For example, I will record audio or video, but a team member of mine will work on editing, producing, adding transcriptions, etc.
- It’s a skill that is a part of her job that doesn’t directly tie to my work servicing clients. It doesn’t make sense for me to take the time to master that skill, but it makes sense for my team member because it is part of her role.
When deciding to make investment decisions, consider if each week your goal numbers are being met.
- Are you meeting your goal for new leads coming into your business each week?
- Is your business doing enough nurturing activities or do you have time blocked out to qualify existing leads?
- No? Consider getting a coach to assist with productivity, sales and practices. Such practices include webinars, podcasts and content marketing strategies.
- Are you implementing conversion events such as direct interaction, sales meetings, and webinars?
- Do you have a plan to convert how many sales you need per week?
- Consider your sales goals as well: How close do you historically get to that goal? Do you exceed it regularly?