If you’re like me, you hate spending money on things that don’t effect the customers. like Banking fees, or Payroll processing. I understand the importance of such purchases. But in my books they are necessary evils. I spend as much of my budget as possible on things that count. For example I recently came across an opportunity to rent an expensive office space. Since the majority of clients will never see this space its an unnecessary evil. After some basic math I calculated that 6 months of the increased spending would equal 75-80 thousand dollars in new business if I spent that money on marketing. That decision would have cost me thousands of dollars in lost business. Don’t consider the cost of the purchase, consider the possible loss in business with the wrong decision.
Spend money on your people
Spending money on your team is never wasted. Provide your team opportunities for growth, reward good behavior, and offer perks. Create a work culture around excellence, expect it, and promote it. Employees that are taken care of will take care of your business, and its bottom line.
Spend money on your system
Its important that your customers are taken care of, create systems that make doing business with you easier, and more reliable. Companies like McDonalds and Starbucks are successful because of the system. You will receive the same systematic service at any location around the world.
spend money on your marketing
No matter how great your product or service is, no one will notice unless you invest in your branding, and marketing efforts. I spend 80% of my day thinking about my Brand, and Marketing. This is critical for business success.
