What should I invest inSep 20, 2021
There is so much you could invest in..
If I could give you more money. What would you do with it?
As a growing business it is important that we make investments but sometimes this can be difficult due to finances, but if I could give you the money that you needed, what would you spend it on to help you move forward?
Would you invest in:
- New software or applications
- Outsourcing or employees
- Upgrading brand
- New processes and systems inc automation
- Website and other key marketing activities
- Self-development and mindset
- Training and upskilling
- Coaching or mentoring
If you were needing or wanting to invest in more than one area what is your priority order?
When looking at what to invest in first, you really need to think about what would make the biggest difference to you. That said it is easy to invest in the wrong areas and be impulsive. You may have a pain point in the business so on the surface that would seem the obvious place to start. However, would this pain point be resolved in another way. Is there a solution that could resolve more than one issue.
Quick fixes will give you a win but could cost you money in the long run if you need to keep upgrading or switching solutions. Sometimes a bigger leap is better and this means looking further down the road and planning those investments.
Do not forget about the value of support and mentoring, this can help you structure your investments in the right way. Understanding how things in your business are related and effect each other may change how you prioritise and value your investments. If you are not clear on direction or your growth plan, you may be spending in the wrong places.
So when investing. really think about what you're going to do with it. Be clear about how you are going to use your investment money and how it is going to benefit your business. Is it a cheaper short term problem fixer or is it an investment that will secure your future business. Neither is right or wrong and there is a place for both, but you need to understand the impact and value each bring.
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