When you run a micro-business, and/or when you’re very early on in your entrepreneurial journey, our instinct can easily be to keep as much cash in our bank accounts as possible. We don’t quite know what our tax bill is going to look like. We want to save for a rainy (business) day. And that’s totally understandable. However, it’s not necessarily the right strategy, especially if you hope to grow! Instead, you should be thinking about why you should invest in your business.
There are also new (and not so new!) entrepreneurs who seem to throw money at anything and everything, in the hope that something will prove to be the magic ingredient for business growth. The question in this case therefore isn’t why should you invest in your business, but what you should invest in!
Why you should invest in your business
The second question above is for another blog post, but in this one, let’s focus on the why, not the what. Here are three reasons why we think you should consider investing in your business:
1) To make progress
This is probably the easiest, most practical reason for choosing to invest in your business. From a practical perspective, let’s say you’re feeling stuck with producing Instagram reels. In this case, you might want to consider investing in a short course or reading some ‘How To’ guides, to help you to increase your skills. Or if the amount of time you’re spending doing your admin is holding you back from working on things that will actually grow your business, you might choose to outsource to free up your diary.
You might also choose to invest in a coach or similar, to make progress at a deeper, more strategic level. For example, we all have our natural talents, strengths and weaknesses, and those attributes will all take us to a certain point. Equally, we all have our comfort zones. While massively beneficial, gaining the confidence to push through these boundaries can be a huge challenge though, and so working with the support of a coach or other expert can make all the difference.
2) If you need a fresh perspective
Another great reason for why you should invest in your business is to get a fresh perspective. It can be really hard to see the wood for the trees when you’re working in your business every day, as well as trying to find the time to work on it. And when you’re so close to something, it can be hard to see things in different ways, notice new opportunities and find solutions to any challenges.
In this case, you might choose to invest in the help of a subject-matter expert if you need support with something specific, like your marketing. Alternatively, if you want to step out of your business and take a more strategic view, a business coach can be incredibly helpful.
3) To feel less stressed
At its heart, investing in something is making a choice to do something to make things better. Whether it be purchasing the equipment needed to produce a better product, or coaching to work on your mindset or productivity, investment represents a choice to take things to the next level.
And when we invest in improvements, whatever they may be, the result is that we become more confident, more productive, more focussed and less stressed.
What investment does your business need?
We hope that this blog has helped you to view the idea of investing in your business in a positive way. Perhaps it has sparked questions, thoughts or ideas of your own. But whatever your situation, we’d encourage you to think about why you should invest in your business, and what the results of that investment might be!
And if you’re an ambitious, motivated woman who is considering business coaching as an investment, why not book a Discovery Call with us? We’d love to talk to you about your goals and plans, and to explain how working with us could help catapult your business to the next level!