Why Invest in Your Business?
Are you thinking about ways to grow and scale your business? Here are some thoughts to consider . . .
As you’re building your business, there will come a point in time when you will need to start investing in it. Being resourceful and bootstrapping are wonderful for start-ups, but as you grow, experts agree that you MUST invest back into your business to continue to grow.
Many of my clients accept this notion of re-investment but have a hard time understanding where and how to invest. This is where a well-researched strategy comes into play. I always recommend investing in your strategy which includes taking time to understand your business model, your customers, your competitors, your industry and your environment!
It seems like a lot doesn’t it? So, before you invest, I want to share five reasons why it is so important for your business. Let’s get to it!
Why Investing In Your Business Is Important
1. Your business will grow
We’ve all heard the phrase “you have to spend money to make money,” right?
This is not just a cliché saying and in its extreme, we see large corporations issuing shares to raise money to put back into the company. Investment is often termed as business fuel! Whether you’re investing in products to help run your business more smoothly, hiring a business consultant, or outsourcing marketing, spending the money is worth it.
You can’t expect to be able to do it all yourself, and investment can save you time (and stress!) on tasks that you don’t need to do.
Shameless plug – Unlike traditional consulting and business service agencies, Awesome Sauce Business Services is virtual. Meaning we don’t have expensive overhead (like traditional consulting agencies). This translates into savings for our clients! We don’t think businesses deserve to be gauged for expert advice. You don’t need to break the bank investing in your business growth. Invest yes, over spend no.
2. You will take your business seriously
Once you start investing in your business, you have more skin in the game, so to speak. So, you will take your business more seriously; that’s not to say that you don’t take your business seriously already, but once you know that you are spending your hard earned money, you’ll want to make sure it’s worth it. With my clients, I always discuss the return on investment first before they actually invest.
Because no one wants to waste money, I recommend you calculate your ROI – now that is taking your business seriously!
3. You will feel less stressed
Studies show that small business owners have high stress levels, a high incidence of heart disease, and a high rate of divorce owing to the increased pressures of managing their businesses. Many sources of stress are due to the individual nature of entrepreneurship, where the business owner ultimately makes final decisions and is responsible for the success or failure of the company.
Necessary skills, such as finance, marketing, and strategy development, are skills that many owner-managers don’t naturally possess. Tasks that aren’t in our realm of expertise drain us a lot more than we think. It also wastes time because these tasks end up taking you twice as long to do because you don’t enjoy doing them nor are you an expert at doing them efficiently.
Once you start investing in people and services to help make your life easier, you will feel way less stressed and can have time for other aspects in your life like your health and your marriage 😉
4. You can focus on what you’re best at
Speaking of the important things…your focus needs to be on the tasks that you do best. The ones that only you can do. That will be different for each business owner, but you can probably easily figure out the tasks that are most important for you do to.
Focusing on what you’re best at will also make you more productive throughout your work day.
5. You will save time and grow faster!
Time = money. Truly. Your time is worth something.
Almost all small businesses require long hours of work, entrepreneurs often have much longer work days than those working for someone else. So what is the point?
Well, if you’re spending your time on tasks that you’re the best at, you’re wasting precious time that you could either spend on other business building tasks or spend time with your family and friends.
Time is money also holds true regarding how long you wait to grow your company. The longer you wait to invest (or fuel up), the more missed revenue.
You can never get time back so make sure to spend it wisely.
These five reasons to invest are not the be all and end of reasons. There are thousands more reasons why investing in your business is important.
I’ve never regretted any investment our team has made in our business. Truthfully, my only regret is that it didn’t happen sooner!