Investing in your business
Mar 18, 2020
How do you feel when someone says to you that its not that you can’t afford it, that its about whether you believe that they are the right person to take your business forward? This really annoys me as every business has limits as to what it can afford, so it is always about the money for me. Maybe I don’t want to get into debt for that £5k course, or maybe that’s not my money priority right now.
There is definitely a mindset issue about spending money in your business and this often comes when you think something is too expensive or you shouldn’t spend that. So, tap into what is the issue really is. Is it that you don’t have enough money or is it that you are afraid there will not be enough money in three months’ time? If you have a clear plan as to what you were going to do with your money and where the income is going to come from over the next three months you could decide whether to invest.
Do you think about whether you can afford it or should you save the money instead for a rainy day or should you even take that money out and have it as money paid to you as an owner of the business? Or do you just spend the money anyway and not think too much about it?
Investing in your business is fine, if you make a clear and conscious decision to do so, not something that just happens. Getting into debt is not fine to pay for something you don’t need.
You need to know your numbers months and months ahead so that you can know exactly where your numbers need to be in order to be able to afford the business and the life that you want. You can budget to spend the amount you want to in your business, whilst still paying yourself a salary and paying your bills, but without a plan, you can’t do this.
Get on top of your numbers with my “Becoming a Numbers Ninja
” course. I can help you get control of your cash so that you can plan for that investment you want to make in your business.