Money does grow on trees. Well, metaphorically speaking. There will come a time when you’ve got to start investing in your business. And if you aren’t there yet, you will be soon. So, how can you cultivate your income and turn your little engine that could company into a money tree? You’ve got to avoid some common business money mistakes.
What’s the number one reason businesses fail? It’s a lack of cash flow. You’re all amped up to start serving more customers and earn those bigger payouts. But before you get paid, you’ve got overhead to cover.
So, how should you cover that overhead so you can continue on your way to growing and scaling? You’ve got to put some more skin in the game.
A lot of people call themselves entrepreneurs. But if you’re too scared to leverage your money and take risks, are you really an entrepreneur or a wantrepreneur?
You might tell yourself and anyone who will listen that you want success. But subconsciously, you’re holding yourself back.
Are you scared to invest in your business because you’re playing small? Maybe you’re afraid that if you start growing, you’ll get way too busy and won’t be able to keep delivering excellent results for your clients and customers.
Well, I’ve been there. And it’s not a good place to be. Remember, we’re here to unlock our big dreams, dust those suckers off the shelf, and make them come true.
It’s all about the systems you’ve got in place. If you invest in business systems that’ll help you automate a boatload of critical processes, you will scale. You’ll grow, earn those bigger payouts, keep your customers happy and satisfied, and never get too busy that you can’t deliver.
Investing your own money into setting up the right systems, people, and scaling processes will hold you accountable to the results.
Those who invest the most get the most return.
Each time you invest in your business, whether it’s in new systems, mentorship, or hiring an expert to help you, you’ll reap the rewards over and over again. This is what will happen when you go from wantrepreneur to entrepreneur.
Now, rise from those ashes, phoenix!
When you fertilize a tree, guess what it does? Grow. Your business is a money tree. When you fertilize it with dollars, it’s going to grow.
Failing to invest in your business and leverage your cash is like starving a plant of nutrients. Leveraging and investing is the lifeblood of your brand. Invest in it, and it’s going to grow. It’s just a matter of how fast.
It doesn’t matter whether you’re investing in new products that’ll help you run your business more efficiently, outsource tasks, or team up with a mentor. It’ll be money well spent.
Here’s the thing, my friends. You can’t do everything yourself, especially if you want to grow.
But the good news is, there are tons of programs and services available that will save you time and frustration on mundane tasks that you’d rather not do. This will free up your time and mental bandwidth so you can spend it on something better.
Maybe you’ll want to use your freed-up time to create new products and services to sell or spend more time with your loved ones. Whatever it is, leveraging and investing in your business is going to help you achieve it when you’re not bogged down in the humdrum.
When you invest your own cash into the business, you’re putting your money where your mouth is. You’ve got more skin in the game, and you’ll be more likely to hold yourself accountable.
Don’t get me wrong. I’m not saying that if you aren’t currently investing in your business, you’re not taking it seriously.
What I’m getting at here is that once you know your cold-hard cash is being spent on a new service or outsourcing, you’ll be more apt to pay attention to the results it’s getting. And you’ll make sure the money spent is worth it.
In a way, investing in your business prevents a colossal money mistake from happening — not watching your cash flow.
No one wants to waste money. When you invest in your business to cultivate your income, you’re in a sense working smarter, not harder.
I don’t like mowing the lawn. In fact, I dread it. But it isn’t something I can just ignore and avoid doing. Somebody’s gotta do it. Just not me, please, not me.
What business tasks do you dread doing? Believe it or not, they’re stressing you out. And if there’s one thing stress is good at, it’s zapping your creativity.
Tasks that either aren’t a part of our expertise or are something we otherwise don’t like to do drain us a heck of a lot more than we give them credit for.
The other problem is, these tasks often eat up more of your time than you realize. If you hate doing something or are not very good at doing something, you’ll take longer to get it all done.
The solution? Start investing in people and services that’ll take some of these tasks off your plate.
I invested in lawn service, and now I have more time to do the things I enjoy. Instead of sweating my patoot off for several hours at least once per week mowing the lawn, I let someone else (who seems to enjoy it, btw) handle that for me.
Offload these dreadful tasks, and your life will get easier. You’ll be less stressed and have the bandwidth to focus on things you enjoy and that are more important for your business growth.
This list isn’t exhaustive, and there are way more reasons why investing in your business is so vital to your success. Investing and leveraging your own cash into your venture is going to help you avoid cash flow issues, stunted growth, and lack of accountability.
Anytime I’ve ever invested in my business, I’ve never regretted it. Honestly, after it was all said and done, my biggest regret wasn’t the money spent. It was not investing sooner!
Ready to get started? Let’s get you running your business like a boss instead of it running you.
Find out what softwares and tools I recommend and why, the best places to store all your docs, apps to help you stay on schedule, and way more.