It’s a golden rule of business: You can’t grow if you don’t invest. However, for many self employed experts and small businesses, working with a limited budget can make investment strategies confusing and challenging. In today’s climate, where a global pandemic has slowed down revenues and activities, investing more into your business could seem counterproductive. But don’t dismiss investing for growth just yet.
If you’re going to invest in your business and see a return on your investment, you need to be able to answer one question: What benefits will you get from the investment? This is not as easy to answer as it sounds. After all, business investments don’t offer as linear a return as some might think. So spending $1 could return $1, but it could also return 50 cents or $5. It’s not a 1:1, or dollar for dollar, ratio.
So how can you determine what you should be investing in, and when? Here are 5 instances where spending more can help you earn more too!
5 Rules Of Spending More To Earn More
The investment saves you time to achieve more.
Whether you run a small business or you’re a freelancer, you understand that your time is limited. There is so much to do and yet do little time to do it all! Outsourcing some of your day-to-day tasks can seem like a bad idea at first. You are accumulating jobs to make sure you can build enough revenues. Surely paying someone to do your job isn’t going to create a new income. You’d be wrong to think like that. Strategic outsourcing enables you to free up time, which you can use to focus on your income-generating tasks. In other words, you create not only time for yourself but also for your clients when you outsource.
The investments helps improve your business.
Smartsourcing is the next step after outsourcing. Wait, what is smartsourcing? It’s a practical process that lets you transfer some of your most vital business processes to an expert, who can improve them. Unlike outsourcing, where you get rid of time-consuming jobs that don’t generate income, smartsourcing focuses on the money-making part of your business to make it work harder.
The marketing investment builds the brand.
Marketing and advertising can boost your reputation and increase your audience outreach. If you’re going to make advertising work for you, you need to understand the golden rules of success. Take inspiration from some of the best ad campaigns to have graced the social media space with their presence recently. In 2018, Promo launched a B2B sales video showing off their fun and creative personality with a witty kid. The result? A boost in engagement. Learn from the pros and spend where it matters!
The investment improves efficiency.
It’s never the right time to buy new equipment. However, the longer you postpone equipment investment, the more likely you will waste time and money. Slow, inadequate, and ineffective tools cost you more money than they bring. Improve your results with tools that support your growth.
Investing strengthens your expertise, and boosts your confidence.
Hey, we all have days where we fear that everybody else is better than us. Those bad days, unfortunately, are part of human nature. But, if you invest in yourself and your skills, you can help keep them at bay. Why not take an online course, for instance? You can strengthen your existing knowledge and discover a few new tips too. This will make you feel more confident and positive about your business. More importantly, you can also secure game-changing certificates. As a self-employed professional, you know that convincing new clients of your worth can be challenging. However, if you can showcase the latest industry expertise, you’re more likely to make a positive impression.
It is important to invest in growing your revenue potential. Independent and small businesses need to reframe the way they look at expenses. Instead of “spending money,” why not call it “investing in the business.” After all, any money spent on the business is in fact an investment in the growth of the business.
We all know you have to spend money to make money. When you are working on a tight budget, identifying the best investment strategies to boost your income can make a significant difference. You don’t have to invest all at once, but you do have to prioritize the whens and whats in order to stay efficient and grow your revenue.