The Best Way To Save Money For Your Business Is To SpendPosted by Nicole
Contradictory advice on how to save money for your business? Not really. When we talk about saving money for your business by spending, what we really mean is making financial decisions that make sense.
We love the resurgence of DIY that inspired so many smart, creative, talented people to start up businesses. But if you want to save money and make the most of the resources you have, you’ll have to be willing to spend a little. Your time is worth a lot, and you can’t wear every hat. While small business owners often start up and grow their companies by doing everything themselves, there comes a time when it makes more economic sense to start hiring other people.
Fly-by-the-seat-of-their-pants quick start ups will realize that they will attract more clients, better clients, higher paying clients when they work with a marketing expert who can help with professional branding. The upfront cost will pay for itself as a business begins to attract (rather than waste time chasing) higher paying clients that are a good match for their products and services.
For solopreneurs, the idea of hiring help may seem like a far off dream — or perhaps not part of the dream at all if the idea is to remain a small boutique firm that only hires contracted employees. But if you want to grow and earn better profits, the day will come when it will save you money to outsource administrative tasks, book keeping, and any work that is necessary, but needlessly eats up your valuable time.
Likewise, hiring someone who can guide your path as an entrepreneur can help you earn money faster, and avoid some of the most common setbacks small business owners face. Many successful entrepreneurs credit the rapid success of their business, which grew in a fraction of the time it would have otherwise, to their investment in the services of a business coach.
And while you’re investing in knowledge and strategies to help cut your learning curve in half, remember to invest in other ways to develop professionally. We all need to learn in order to grow, and for our businesses to become even more profitable. As busy as you are, remember to attend workshops and courses that will deepen your knowledge of your field. (This will be easier once you hire that assistant mentioned in a previous paragraph).
So next time you hesitate to invest in your business because you want to save, remember that the key is to carefully weigh your return on investment. Spend your money wisely, so you can save… and earn.
What was the most worthwhile investment you made in your business, that paid for itself?