by Karla Singson
You know that moment when you realize that you are unexpectedly making more money than ever? Then you don’t know what to do with the extra money. Or wait, you already know what to do. You’re going to buy that bag, watch, vacation, or car that you’ve been eyeing.
Wait. Hold up right there. Remember, those are not urgent. This extra money can be put back into your business, to keep making more money, and, ultimately, scaling your business. Now, this doesn’t mean that you don’t reward yourself. This only means that you want to get the most and best rewards in the shortest period of time. And that is to start getting these “shiny new things” as business investments.
SHINY NEW TEAM MEMBER
Start unloading some of the work, so you can spend more time working on strategy, learning, networking, and entertaining prospects. As I’ve mentioned a few times in this book, focus is one of your best assets as an entrepreneur, and you should only be doing the things you’re best at. Everything else, eliminate, automate or delegate. Hire someone who believes in what you do, is a boss at delivering results, and most of all, someone who is smarter than you.
SHINY NEW SYSTEM OR TECH
Another worthwhile investment is new systems. I’ve been resistant towards automated email, funnels, and other organization management software since forever but recently, I had to really do some of them for a launch. I finally appreciated what they were all for, and now my life is so much better. Any form of system or technology that will save you time, money, bureaucracy, or a layer of monitoring in your workflow, go invest on it.
Sometimes it’s as small as a new Wifi Printer in the office, a tech addition like a mobile app, or maybe something as big as a new factory machine or delivery van. Make things work for you in a whole different level.
SHINY NEW LOCATION
This one is a big leap, but if you have a brick-and-mortar business and your products or services are being raved by everyone, and it’s been at least a year, then it’s time to consider a new location. Just don’t forget to only work with data. Get the location’s fair market value, traffic count, popularity with your market, and measure for convenience.
SHINY (NEW) BRANDING
Many people disregard the importance of branding. However, they forget that everyday, they fall prey to certain brands, brands which have been successful because they focused on their brand! If you have some extra cash surge this month, spend on branding. Trust me, this will help your new prospects trust your brand more, impress current ones, and continuously send a message to the industry that you actually give a sh*t about your business and your reputation. Basically anything that beautifies your brand works – a cleaner signage, stationery rebrand, website redesign, mobile app user interface improvement, uniforms, or branded souvenirs.
SHINY NEW EXPERIENCE (A.K.A. Invest in yourself.)
Lastly, do not forget that you need to have new experiences so you can get fresh insight and loftier worldviews with regards to running a business or even just for getting new ideas. Who knows, you can even use this investment as a way to meet new people –prospects, possible partners, or suppliers.
So, on your next cash surge, know how to splurge. Don’t get overexcited and always remember to put money back into your business. Don’t forget— you built this thing for a deeper purpose. Your future self will thank you tenfold later.
Karla Singson is a hyperactive serial entrepreneur who gets out of bed for Marketing and PR Consultancy, writing, speaking engagements, and chocolate.
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