When you think of investing in a business, you will likely automatically think about money, but there are more ways as a business owner that you need to be investing in your business.
2020 was a challenging year for many businesses and the outlook for 2021 is that of the same. Will you put your head in the sand and just hope that all will be ok? Or will you invest in your business and yourself to ensure that your business not only survives but also thrives?
Here’s how you can invest in your business.
Organise your time.
Time is the greatest gift you can give your business. But, this doesn’t mean giving every hour of your day to your business. Time is vital and it is the most valuable asset as a business owner. To invest time in your business requires you to be an expert time manager and to be able to strategically look at what you are doing and where you are spending time.
You will have heard the term of being a ‘busy fool’ and this is all to easy to be when running your business. This is because you spend time IN your business and very little time ON your business. This results in the strategic growth of your business being left until last or not at all.
The below is an adaptation of the Eisenhower matrix, which is a simple tool (and a great reference point) to organise your daily tasks and to consider the long term outcomes of actions. The matrix allows you to look at where you are spending your time.
Urgent / Important – these are the constant little tasks that consume your day if you let them. If you spend a lot of time here, you will be constantly fire-fighting.
Urgent / Not Important – these are the tasks that you should be delegating and not spending your time on as a business owner. It is where delusion lies and issues can build amongst your team.
Not Urgent / Not Important – time spent in this area means that you are being distracted. These are tasks to be eliminated.
Not Urgent / Important – this is where you INVEST your time. This is where you can be strategic because you can plan and/or systemise your tasks. If you are spending your time in this quadrant, you will be excellent at planning your days and weeks in terms of time blocks, prioritising, and delegating tasks so you can spend time investing in the strategic growth of your business.
Learning & Development
This is the other area of investment you can make into your business. If you are not learning, you are not growing, and if you aren’t growing you are standing still.
You can invest in your learning and development, and your team’s by”
- Training plans – identify the gaps in your knowledge and skills and where you can level up.
- Hire a coach – most high performing business people have a coach, if not a few! A coach will keep you focused, hold you accountable, and provide the training and resources you need.
- Read and read some more – there is the saying that you are what you read so what books are you reading? If you want to be a top-performing business owner, read about other top-performing businesses to learn from them.
Marketing
Marketing is a key investment in your business. It is often the area of a business’s activity that is stopped or reduced when times are hard. This is particularly relevant for the current situation with Covid-19. Many businesses are struggling but marketing must continue. By stopping marketing you stop communicating with your customers – both current and potential. You stop being seen which leaves you open to losing your customers to your competitors.
Marketing spend may need to decrease but that doesn’t mean that you stop investing. Here’s how you invest in your marketing:
- Review your target audience – are you confident that you are targeting the right audience? Could you define them further? What are their pain points and what are the solutions you can give them?
- Define your offer – What is the message that connects and resonates with your target audience? Does it spark an emotion in your audience?
- Review your copy, images, and messaging – do they support your business brand?
By spending time on the above areas you will be investing in your business. The key is keeping the consistency of your time management, your learning, and marketing.
If you would like support with the above and need a business coach (remember – this is an investment in your business and you!) please get in touch.
