Written by: Mags Thomson, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
We all know that investing in our business is important. We can't grow our business without feeding it. Much like our plants, pets and children would whither without food, water and some loving attention. There are so many ways to invest though, and so many people telling us to buy this or that, simply move some money to the left, or maybe to the right.
What are the considerations to keep in mind when deciding how to invest in your business’ growth? Let's have a look!
Question 1: Will You Invest Time or Money?
There are two main ways you can invest in your business. Very simply said, you can invest your time or your money.
Sometimes we forget this, and rather than paying for a system or to outsource something, we decide to just do it ourselves. We may get creative and string together a bunch of free systems, process applications manually or whatever it is. This is great when we’re operating on a shoestring budget. It is, however, also important to realise when we do this. Money is not the only finite resource in our business. So are our time and energy.
There is not necessarily a right or wrong answer to this question. It is just important to keep in mind when making choices about spending money or not. And, when you don’t have the room for financial investment right now, then at least add the system that will simplify your life at the top of the list of future investments. And buy it as soon as you have made the cash available.
Question 2: Will You Invest In Learning or Expertise?
When you need new skills added to your business, there are two ways to do it. Learn the skill or hire an expert.
Making this choice requires you to look at a few different things. Is this is a skill you will need often? Is it something you think you’d enjoy doing and have a talent for? Do you have the time and brainpower to learn a new skill right now? Does your business have time for the inevitable learning curve you will experience? Because, however much you enjoy the learning or however much innate talent you have, you will never be as good as the expert is on day one.
Again, no right or wrong answers necessarily, just things to be aware of and think about when making decisions.
Question 3: Do You Need a Quick Boost or Sustainable Results?
When trying to figure out what to spend your money on, it’s important to know what you need your Return on Investment to be.
Sometimes, what you are looking for is some quick result 500 sign-up for your new freebie to inflate your mailing list in the weeks leading up to your new product launch, for example. Using paid ads on social media can be a great investment for a goal like this.
Other times you want to build your reputation and authority gradually so that you can scale your business or raise your prices over time. This is more of a long-term investment. You will want to put some money into a project that can position you as an authority and can create meaningful connections. As I explained in my previous article in BRAINZ, writing a business book can be a great way to achieve that.
Question 4: Can You Expect People to Invest In You, If You Won’t?
As a business owner, we are asking our customers or clients to trust us with their investment. Is it fair for you not to put your money where your mouth is and trusting yourself with your investment?
I recently read the sentence ‘how you spend money can affect how you attract money.’ This doesn’t mean that you should just be randomly spending money you don’t have (yet). It does mean that thinking about the investments you can make, in either time or money, and how these can help you grow and serve your customers.
Taking note of the investments you’d like to make, or preparing for when you can, begins creating the kind of momentum you need. Setting up your workflow in a way that would allow you to add a Virtual Assistant to your business will make your life easier when you get to that time. Making a list of software you’d love to get. Test drive their free options to know if it’s everything you hope it will bring, so you know the list is ready for when the investment can be made.
Can You Tick All the Boxes In One Go?
Would you like to save time AND money?
Would you like to learn new skills AND work with experts?
Would you like to grow your audience AND become the go-to authority in your field?
By joining a House of Hives co-authored book, you get it all for the price of one. You share the cost with your fellow authors. You only write a chapter, instead of a whole book, so there is a considerable time safe. You improve your writing skills by working with a professional editor and marketing team. And you grow both your audience and authority by promoting your book to everyone’s audiences and becoming a best-selling author.
Want to know more? Check out the House of Hives author programme for more information.
Mags Thomson, Executive Contributor, Brainz Magazine
Mags is a story coach, impact co-creator, and the founder of House of Hives. She helps female entrepreneurs and change-makers use their personal stories in their business, bridging the gap between emotive storytelling and strategic marketing. Together with developmental editor Karina Asti and event strategist Ana Gallo, she helps women co-create books and collaborative online summits to empower themselves and their brand.