Unique Beautiful Fun

      12 May 2017 by Sarah-Jane Smith

Investing

One thing that I was not entirely prepared for when I first started working for myself was the amount of outgoings that were necessary.  Along with the costs of buying raw materials for manufacturing products, theres the stationery costs, the internet and phone costs, costs for software, costs for advertising.  The list can seem endless.  Before you start moaning about how much there can be to pay for I want you to think about what you can do to improve this situation for the future.  

One thing that can help is to invest some money now for better profitability in the future.  It may seem counter-productive to spend more money but you need to remember the long game and start making plans (and budgets) for that.  If one of your big problems is keeping track of your accounts, maybe you need some new software, some specialist training or even a new accountant.  Are you struggling to make your orders because of a surge in business (lucky you!) ?  You may think about hiring some extra help, even if its part-time to start with.  Are you struggling to make a dent in any social media because of a lack of time or knowledge?  Make a plan to get some training or find out how much it would cost to outsource this part of your business.  Maybe you need some new or updated equipment, some marketing training or a new website.  We all have at least one area where we feel needs an overhaul or a reboot.

My point here is that it can be easy to be so caught up in the day to day running that you never put anything in place to improve your business.  Investing in improving your business has so many run on benefits.  Improving profitability, improving  your image, improving your chances of longevity and, it can stop you from becoming stale.  Educating yourself and your staff can also provide increased networking opportunities as well as teaching you new skills.  Paying for decent social media management or advertising can improve your visibility and sales.  One word of caution, beware of the next big thing.  If you are constantly updating equipment for the sake of getting the latest gadget you are missing the point.  The whole idea is to pay out for something now that will improve your business in the future.  Going on endless courses without implementing any of your new knowledge can also be an easy trap to fall into.  Theres always more to learn so you need to be discerning about what will have the most impact on your business.

At the end of the day, investing in your business, in yourself or in your staff not only reinvigorates your business but, makes financial sense too!

Till next time,

Sarah-Jane X