There is nothing that can bring up the money gremlins faster than shelling out a big wad of dough that you weren't expecting.
Here are some famous expense triggers in a business:
- A big tax bill
- An independent contractor who goes way over budget
- A book, website, copywriting, or product production that involves more than you thought
In reality, this is the nature of business. But most of these experiences could be forecast with clear communication, contracts and research before it gets to the time you have to pay the bill.
You can meet several times a year with your CPA to discuss how you can make the most amount of money possible and easily pay the tax man.
When you hire someone to do a job for you, have a detailed conversation about the scope of work and how you expect to be informed as the project moves forward (especially if the bill is going to be more than quoted).
When you wisely invest in what your business most needs, you'll recoup those costs and make 10, 100 and even 1000 times more on the other side.
Let's say you know your business would benefit from …
- Doing Facebook ads
- A website makeover
- Hiring a team member or two
- Stocking more products
- Upleveling the quality of your products and services
- Hiring a mentor, coach or expert
- A new piece of expensive equipment
Your Inner Business Expert says, "That's a super smart move."
Your little lackful gremlin screams, "You can't afford that!"
What's a profitable business owner to do?
Evaluate your revenue goal for the year. Will this investment move you toward your goal or away?
In most cases this inquiry will help give you clarity: Can I afford not to do it?
I remember the first time I did a Facebook ad. I wanted to test the waters with a $200 investment. Then I thought about the numbers. I was selling a $2000 program. If I just got one sale from the ad, it'd be worth investing at least $1000.
Was I nervous? Yup. But I knew the upside of this marketing strategy. I ended up spending $800 and I made $6000. Imagine if I would've spent double that?! Fear stopped me from going bigger that first time. After that I was happy to spend a couple thousand dollars and not even sweat it because the return on investment was huge.
When you invest with confidence in what your business most needs to grow, there is only an upside. Keep your eye on the desired outcome and continue moving forward.
I bet there are at least two or three things your business is begging for you to invest. Make an inspired plan of action and go!
What are some of the things in your plan of action? Respond in the comments below.
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You can, as long as you include this complete blurb with it: Jeanna Gabellini is a Master Business Coach who assists conscious entrepreneurs to double (and even triple) their profits by leveraging attraction principles, proven strategies and fun. Grab her FREE audio on dialing in your biz here: https://masterpeacecoaching.com/freecd