“You have to spend money to make money, right?” Running your business with intention.
Updated: Dec 3, 2019
With 2020 around the corner comes a mini-series that we feel covers some hot-topics for small businesses. Our series offers some food-for-thought on how to run your business with intention.
From a financial perspective, do you operate your business modestly, fearlessly, fearfully, or combination of all three?
Do you spend money in places that are helping you grow?
Do you hold back from spending because you don’t have the cash?
Does your budget include costs to improve efficiency and foster revenue growth?
Be in control of your business and your future.
Here are some things we challenge you to consider over the upcoming year:
More and more we hear about remote workers, work-from-home arrangements; meetings are held via conference and video calls. There are many instances where brick-and-mortar shops and formal office spaces are necessary, but if you are a service provider looking to scale, ask yourself when and if you should be investing in renting office space. Does it make more sense for you to implement cloud-based applications that facilitate teamwork environments? Or maybe co-working space is the right fit for your business? The point here is to be mindful of prematurely signing that lease agreement.
Have you considered where you spend your time? Do you find yourself frustrated or spending too much time on certain tasks that you don’t enjoy, or more importantly, tasks that are NOT facilitating growth for your business? Outsource. There are many “departments” that you can outsource for your business, from Marketing to Accounting, HR and IT. Find someone who specializes in your weaknesses. It will take them far less time than it takes you. Freeing up your time to grow the business. Put in the time to select the right firm, determine your ROI, and let it go. In addition, we encourage you to consider the relationship difference between a contractor and an employee. Read more on this here.
We have more in store for you on this topic! Check-in for part 2 of this series coming soon!