In the early days, the focus is on how you are going to make a profit. Then it becomes how to make sure that profit is kept safe. Over time, with some success – that comes from hard work and skills – it might be time to make your money smarter.
We have so many options now to make our money work harder, smarter, and in a wide range of countries too.
Many people save the first bank note that they made from their business, as a keepsake to remind them how far they have come. But when you earn more, what should you be doing with it and why?
Improve Your Business
The best investment is reinvesting in your business. This should be the first thing you think about doing when you make a bit of money. There are more than likely several areas that will benefit from a cash injection. It might be an automated software that handles your tweets. It would be accounting software or even a packet of pencils. Business improvements tend to cover:
Streamlining your business process, equipment, infrastructure, and customer experiences. But it should be things that make your life easier.
Investments can be a great way for your money to work harder over the long-term. Investing in properties can be an ideal piggy bank. Look for a range of different property types, from studio apartments to an affordable semi-detached house. They will give you a rental income, and a retirement nest egg.
Stocks and shares are also an excellent way to invest.
Your long-term investments won’t give you a quick cash option if you need it, but they will protect you long term and mean you have access to cash or a back-up plan.
If you can do everything yourself that is great, but if you can’t, it is time to think about getting some help. A better team will enable you to take on more prominent clients and do more with your time. If you can’t hire a whole team, you can hire a single person who can tackle a few different roles. Virtual assistants can be the answer to many people’s problems.
They can write articles, manage social media, book your travel, create reports and more. Try to find a virtual assistant that matches the job role that you need to have filled.
Hiring a full-time employee can cost a lot of money, so outsourcing is the better option for most small businesses.
Invest In Yourself
This is really important because your knowledge and skill levels are what will increase your earning ability. For example, you might have had the skills to create the product but are weak in the marketing aspect. Gaining skills and experience in marketing will help you leverage your product to a higher level.
As your company expands, you are more likely to need to manage people too, and one of the criticisms that many founders face is that they aren’t great at managing people well.
You will need to be honest with yourself, and write down what you consider your weaknesses are. This will allow you to work on those skills and grow as your business grows.
You can do formal training, or you can take one of the many free online courses. It is about what you are comfortable with, and the time that you can invest.
Mentors / Coaching
You might not have a clear direction and need help and guidance to get there. Many people seek out mentors and coaches to help them set goals. Although you may have a vague idea, you perhaps need a helping hand.
Business mentors and coaches come in many forms. From teaching you to manifest money, to creating a year-long action plan for your personal development and your business too – mentors can do a lot.
This is a cash investment that will repay over time. If you choose to get a mentor or a business coach, then make sure they fit you well.
Although a coach or mentor worth your time will never work with you unless they believe they can help you properly.
Most people have a website, but they are often created quickly, and then worked on after. Time is what you need to invest for great SEO, and then money. SEO brings a significant return on your investment. It is the long game of conversions, loyalty and brand awareness.
Your small business needs more than the odd twitter post and irregular content updates, time and money are both things that you can spend to improve your business, secure your financial future and see growth in your industry.