Do you think in terms of ROI?
If you approach any business spend from the right angle, following research, 'shopping around' and a diligent cost/benefit analysis - 99% of your outgoings will result in a healthy return.
Speaking with friends who run businesses, I frequently hear people afraid to pump some money into their web design or publicity as they can only see the outgoing side of things. They fail to think about the return that investment can bring them.
These are the same people who must always have the latest laptop, the latest iPhone and play the lottery each week (did you know that, per lottery player, the average return over your lifetime in terms of winnings is less than $200?). They'll gadly pump money into those avenues - but won't invest in their own business.
When thinking of ROI, don't feel it's only a worthwhile investment if you're paying big bucks for something. No, no - You can make just a couple of dollars here and there amount to a healthy return if you don't rush into the spending and diligently analyse the return it could bring your business.
I started my first business six years ago using just $3000 that was 'loaned' to me by a family member, on the condition that I gave the money back no earlier than two years later, with no interest required. You've gotta love Moms!
By learning all I could about spending for business, I managed to turn this $3000 into what is today a very healthy full-time business, with no requirement for me to think about returning to paid employment.
I'm not saying this to boast, rather the total reverse. If, six years ago, you had told me it would have worked I would have laughed. I thought 'To start a business you need to be a ruthless deal maker who can secure a wicked bank loan of tens of thousands of dollars - buy a big spinning chair, shine my car up and rent an office with wood panels on the walls'.
In reality, the key was to just grow slowly by ensuring that I put money into areas that would have a good chance of a healthy return in terms of increased business.
Now, I do accept that we all spend money and see no return, or even a loss. It's just one of the roundabouts of owning and operating a business.
However, if you start to make every decision in terms of ROI - you will find you spend more. However, you'll also find you get back more than you put in.
So, in light of the above, how often do you think about ROI?
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