Investing in your business is one of the most important things you can do for your business. You should take time to invest not only money, but time and knowledge for your business. Treat it to some TLC in these three areas and you will see that it will be well worth it.
Money.
1) Your money comes back to you.
“You must spend money to make money” is a quote I have been living by lately. Many people may think that it is bogus. How could you possibly make it if you are always getting rid of it? I find that it works because when you spend any amount, due to investing in your business, you will get it right back and them some. The only way you can find out for your self is to start spending money on your business. If you buy business cards today, you might make a great sale tomorrow. The sale usually ends up putting the money right back in your pocket, plus an additional profit.
2) It makes your business better.
When you take the time out to spend money on your business, it improves the quality of it. Whether it’s the little things, such as letterheads, or the big things, such as hiring an accountant, you can only improve your business by spending money on it. Everything you invest in adds up and turns into a solid brand. For example, if you spend money on a great website, it will turn out to be better than most out there. This ends up giving you a better reputation, which means customers will be able to trust you.
3) Your customers notice.
Customers see advertising, marketing, and brands all day. Just by being around media 24/7, customers know when a business is putting forth the effort financially to enhance their business. The major benefit of customers knowing that you put an extra chunk of cash into your business is that they are more likely to think of you as a reputable business with good cash flow. They are more likely to buy from you when you look, feel, and sound professional.
Knowledge.
1) The more you know…
The more you know, the better off you will be. Why? Because it will put you ahead of your competition. According to Malcolm Gladwell, to be an expert, you must invest 10,000 hours of your time. So study, read, observe, do and breathe your business. The more you know about your business, the more you can outsmart the person next to you and impress your audience (and hopefully win them over into buying something).
2) People notice skills.
You cannot fake being skilled. People recognize what is good and what is bad. If you take the time to be good at something and execute it the best to your ability, your customer will notice and admire your skills and pick you over someone who is not as good. If you make it look easy, do it quickly, and do it well, people will notice you and remember you. Being skilled at your job is something you definitely want to be remembered for.
3) Save money by DIY.
Take up all the knowledge you can in this world, because it will simply save you more money. Don’t hire someone else to do it, and learn how to do it yourself. With todays resources, you can learn almost anything under the sun through books, articles, or YouTube. It might not be the most convenient option, but you can save some cash while you put in the extra effort. You will also have more knowledge under your belt and be able to help the next person, which might get you some cash.
Time.
1) Nothing happens overnight.
Anything great in this world takes time. Don’t quit, ever. By investing your time and money into your business, you might expect instant results. You might have to work hard everyday for a while before you may happen to some feedback, but it will happen. Also, invest time to spend on different parts of your business. The more time you put in, the better results you will get.
2) It builds trust.
People can be weary of sketchy businesses. They want to be careful and not get scammed. So if you just start out and no one has bought your amazing product, it’s okay. You have to be around for a long time in order to build trust with your audience. The older your business is, the bigger of a reputation will have, which will help the word of mouth spread. When you first start off, know that the longer down the road, the better it will get because people will know you are serious and start to trust you.
3) You’ll be an expert.
If you invest time into your business, you will run into every different scenario possible. You will know what to do if not only plan A fails, but when plan X, Y, and Z don’t go smoothly either. This will make you bona fide expert in your field. If you put in the effort everyday for some time, you will gain the wisdom to make better choices. This, of course, will benefit your business, but also give you an intangible skill set and make you more valuable as a person.
What do you think is the most important thing to invest in your business? Leave your answer in a comment below. If you need any inspiration, take a look at successful businesses out there and ask yourself if they have invested these things.