Here we are, the time of year when you may be looking at making some big business decisions and asking yourself questions like, should I invest in something now, or wait 'til the New Year? What will I need for my business next year?
How and where I choose to invest in my business is something I do on a fairly regular basis and today I'm taking you through how I make investment decisions, where I'll be choosing to make more investments next year and why I'm making the choices I'm making so you can make better decisions as well.
KNOW YOUR BIG VISION
I never make investment decisions without having an idea of where that investment falls in the scheme of my entire business. Knowing how and where to invest must start with knowing your big picture goals. For me it's something I look at every December, asking myself where do I want to be in my business one year from now? What do I need to help me get there? What do I need that I don't already have? Knowing this helps to know where I need to spend money to help me achieve my goals. Do the same for your business. Sit down and determine your goals for the upcoming year.
DETERMINE THE GAP
Once you've determined where you want to be in the upcoming year. Next you must look at what you need to buy or invest in to help you get there.
Let's take one of my clients who has decided to generate more passive income in her business. In one of our coaching sessions she told me that she wants to create an online course that allows her to reach more people, create more income while she sleeps and work less. In looking at her goal we needed to break down what she needed to help her achieve it.
In her case we knew that she needed to invest in Facebook Ads, someone to help run those Ads, a Virtual Assistant to help her create a sales page, membership area and webinar to sell her course. In the end, we looked at all the things she needed to have or invest in that she didn't already have. It then allowed her to find the gap, create a budget and start the planning process.
WHERE I'M INVESTING IN 2018
As I do every year, I like to take a good hard look at my business and my skillset to see where I need further development. In the early years I didn't know how to use social media so I hired a coach to teach me how to grow my business online. Then I knew I had limitations in my tech ability, so I hired a VA to do the tech stuff so I could work on marketing, sales, business development and coaching. This past year when I reached a level where I could not do nearly as much on my own, I hired a Customer Service Representative, a Tech VA an a VA to help me run the behind the scenes of my business.
In 2018 I'll also be adding in more passive income streams, hosting at least two live events and creating a mastermind for multiple six figure and seven figure business owners. To do all that I'll need to invest in branding, Facebook Ads, a more robust member portal, more staff, a copywriter and more.
What's easy for me to see is that when I know my goals for my business, I know how to make smarter investment decisions.
Lastly, I just want to say that it's important to get good at making decisions on a regular basis. If you struggle to make investment decisions of any size, start small and work your way up. For example, make a decision under $25 today. It may feel hard at first, but the more you do it, the easier it gets.
Now it's your turn. How do you make investment decisions for your business? Let me know below.