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Be Smart: How to Invest in Your Business

In business, you need to spend money to make money. There’s no denying it. If you do not pay for the right employees, technology, marketing or even office space, your business may be more likely to fail. However, when starting up, spending too much money could be just as damaging. How do you find the balance, though? Harmony in business can be tricky to figure out. Sometimes it’s trial and error, but too much risk can make an irreparable fault. You need to start small – invest in small quantities – and continue building with regards to your revenue and profit. Once you’re making a name for yourself, your investments can become bolder. Here’s how you can invest in your business – big or small.

Reinvest in the Existing

Start-ups will have invested in employees, technology, office space and certain business processes depending on industry – but in a small degree. Once your business is growing, though, consider reinvesting in these matters and improving what is already working. You can either do this with the profits you are currently making, or you can use companies such as Betterfunds for a small business loan.

Examples of reinvestment could be: expanding certain teams such as marketing or content, providing better, state-of-the-art equipment, and ironing out and creases in your business’s infrastructure.

Digital Marketing

Traditional and digital marketing are essential, however, digital marketing is always a smart investment due to the shift in priorities. Nowadays, people are most likely found online. While TV or magazine advertising can still be effective, social media, content and SEO are the real money makers. However, digital marketing needs to be executed properly, otherwise it can be detrimental to your business’s success. Hire those who fully understand how to track online trends, and those who practice white-hat SEO. You need to invest in employees who are social media savvy, and you need to invest technology and software that will allow them to perform their best.

Location

Entrepreneurs can rarely afford the perfect location for their business, and so they have to settle on ‘the next best thing’ which may not be ideal for your employees or even yourself. However, once you’ve generated more funds and are starting to build a solid empire, you can consider relocating to a more preferable location and office space. If you want to expand your team, then you’ll need an office which can withstand the extra desks. If you try to squeeze too many people into too little space, then your employees won’t perform to the best of their ability. Additionally, moving to a better location, whether it’s closer to transportation links or in a town or city, means you’re more desirable to anyone who may be applying to your business.

Yourself and Your Team

Invest in your, and your employee’s, knowledge and skill set. Hire mentors and coaches to come in and provides wisdom to your company; provide training and expand your employee’s skills in their own fields and complete new ones. If you expand your horizons, then you can improve your chances of building a budding empire and even grow into different sectors. Also, your employees will be happy to acquire new skills because it shows you care about their work – increasing their productivity while improving their loyalty to your business.

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How A Business Owner Can Get Out Of A Rut

Falling into a rut is never easy. It’s frustrating and disappointing for all of those involved. Being a business owner is a difficult job. The role’s stressful and often requires lots of hours and hard work for little reward, at least in the beginning. Getting stuck in your path is a tough pill to swallow.

There’s no right or wrong answer about what to do if this happens to you, however, there are options for getting out of it. You can't sit back and assume it’ll just go away. You need to have determination and perseverance to work through it. See how a business owner can get out of a rut.

Revisit Vision

Go back to why you started your business in the first place. Revisit your vision and motivation for kicking it off at the start. Let your mind wander back and find your passion again. You may need to dig deep, but it’s probably there. This’ll help you reset your mind to want to charge forward with inspiration. Finding the reason why once again will bring your mind to a good place and you’ll be able to focus on the future. Go back to your initial notes and business plan documents to help you recall. Doing this may trigger a happy memory and snap you out of your funk.

Exercise

It’s important you incorporate some movement into your day. Being an entrepreneur typically means you’re working and sitting a lot. You need your exercise to maintain high levels of energy and to feel mentally with it. Join a gym, run at lunch or participate in a new activity on the weekends. Do whatever it takes to make sure you get your daily exercise. It’ll benefit you in many ways and the time you spend exercising may lead you to answers you would have never thought of without the quiet time.

Explore New Ventures

Maybe it’s time for a change, and this is your sign. A great way to make a new start is in the screen printing and embroidery business. Owning a franchise means you’re the boss and can take your prior experience with you to start a brand new line of work as an entrepreneur. People use signs all of the time, so you won’t need to worry about if the need is there or not. Even the motion and action of researching and exploring new ideas will bring new life to your mind.

Talk & Share Ideas

Bounce ideas off of other people. Call up a friend or family member and tell them how you’re feeling. Talk to your leadership team at work and get a feel for how they think business is going. Open up and share your concerns and see if they can be worked out, so you feel good about your situation again. Talk and share ideas to get it off of your chest and let in new perspectives.

Conclusion

There’s no magic formula for turning your mindset around. You must explore yourself and seek the answers you need to find. These are ways a business owner can get out of a rut.  

Continued Reading

Check out this great article from Ken Evoy, Why Every Solopreneur Should Succeed (And Why Most Don’t).

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The Key to Winning More Business for Your Company

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3rd Party Post

 

Although many new companies need business right now, it’s not the sort of thing that happens overnight. There isn’t a magic business fairy that comes along and puts a new customer under your pillow while you’re catching flies. You need to work hard for new business, just like the other successful companies out there.

There is no secret to winning business, but there are things you can do to give you a higher chance. What is the ultimate key to winning business?

You Must Be Patient

If you own an established business, you’re always going to go through the stage of wondering where your next customer is going to come from. From a financial point of view, “be patient” aren’t the words you want to hear, but they are words that need to be followed.

The same advice needs to be followed for new businesses. It takes a while to become an established business because you need to make an extra effort and try to land jobs without references. Once you have references and pictures of work to show, you’re going to have a much easier chance of landing more business. Patience is the real winner when it comes to landing business.

Deliver on Time

Did you know that many businesses around the world don’t get new customers through social media or online advertising? They get new business through word of mouth, which is probably the most powerful type of advertising there is.

A customer that’s willing to recommend a family member is a customer worth delivering on time for, and that’s all of them. If you deliver your promises on time and do a good job, they will recommend you to friends and family – it’s that simple.

Apply to Tender

Applying to tender can be a tricky affair, but it’s a step that should be considered if you have an established business. The first tender is always the hardest to win because you’re not going to have any decent references from local councils or authorities. But once you do win a tender, you’ll find the process will give you a higher chance of landing a good one.

Tenders are usually offered by local councils and communities, which often means they are hard to land. However, you can get a lot of help in this field by hiring a professional company to come in and write up applications to tender for you. They generally have extensive experience in the field and have provided successful tender applications to thousands of businesses just like yours.

Market & Advertise Some More

It’s important you take your marketing and advertising strategies seriously; otherwise, you’re going to be pouring money down the drain without any results. Have a look at traditional and digital marketing methods to give your business more of a chance, and plan your strategies and research demographics in your area.

Winning business can often be a painful process but it’s one that needs to be done to make any business a success. If you provide a good all-round service to your customers and you are patient, you’ll find you will reap the rewards in the future.

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Post #6 Tools, Tips, Tricks -- What If Today Was Your Last

I had the privilege on interviewing Klyn Elsbury on The Nice Guys podcast this week. Klyn is a survivor, a thriver and a champion entrepreneur that lives with cystic fibrosis. "We all need to be survivors. For everybody that has had that moment in their life where they don't know if they can continue. It might not be a hospital bed, it might not be corporate America. It can be a divorce or it can be a business, it can be watching their children suffer. You just don't know if you want to wake up the next morning. It's that inner voice that tells you, you can do it. It's about finding the inspiration and the everyday attitude that you have (to move forward)." Klyn provided this week's tool, tip and trick. 

Tool - Time is the one thing we can not ever get back. Get Buffer -- "Without buffer, I would be wasting so much of my time. And I live every day like today was my last." Buffer is a way to manage your time spent on social media. Any post that you want to share, Buffer manages those posts and distributes them for you at the best possible time of day. Bottom line, you fill Buffer up and it will keep your feed active and sharing your content and the content of those you respect all day long.

Tip - Engage. "Find the most successful person you know, or the type of person you want to be like, or the entrepreneur you really look up to...get on social media, contact them."  I couldn't agree more. Social media brings us closer than ever to the "rock stars" in our industries. Reach out, connect and engage. They want to help you.

Trick - "I Am _____."  Write on a sheet of paper every morning the words, I am (blank). Who do you need to be to get what needs to be done, done? Get yourself in the right frame of mind by filling in the blank. Examine your schedule for the day and use the events in your day to determine who you need to be today. Share your "I am" messages with yourself throughout your day. "Use it as your mantra to get through all of your challenging moments of the day."

To hear more of my interview with Klyn Elsbury,  subscribe to The Nice Guys podcast. Klyn's episode will automatically download to your phone on air date. Klyn's book "I Am ____:" is available on Amazon.com

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Post #3 Tools, Tips, Tricks: Google Alerts, Time Management, Found Savings

Tool: Google Alerts. If you want to own your brand and see what the world is saying about you, sign up for Google Alerts. Google will automatically send you an email whenever there are new results for your search. It's also great if you are keeping tabs on news in your industry, news or information about your competition or to stay current with anything else. Although Google walks you through the process step by step, Lifewire can help you here as well.

Tip: Manage Energy, Not Time. If you are like most people today, much of your day is spent in front of the computer. Regardless of the type of work you do, your energy level can drop considerably as your day goes on. Instead of managing your work day by looking at the clock, manage your energy level instead by listening to your body. For example, my brain slows considerably approximately 3pm. I used to fight off the urge to and push through it, getting my work done. For me, I discovered if I take a 15-20 minute break (nap, walk, yoga) instead of downing a cup of coffee, sugary soda or energy drink, I can return to work refreshed, awake and productive, without feeling sluggish later on. Check out this tip and many more at Entrepreneur.com

Trick: Forced Savings, Made Easy. With every deposit you make in the bank, set aside 3-5% (or more) right off the top. Open an account at the same bank and call it your Profit First account. You will never miss the money, it's a small enough that I don't feel it, but big enough to make a dent in any special purchases I want to make down the road. Next month it will 100% finance a great vacation, guilt free! I learned this trick, and other money savings tactics from Mike Michalowicz. Mike was a guest on my Nice Guys on Business podcast (episode #203) several months ago. Mike's advice and more practical tips for building profit are available on his website.

Invest in as much of yourself as you can. You are your own biggest asset by far.
— Warren Buffett

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