All you accountants out there, read no further or cover your ears for what I’ve got to say to my fellow business owners.
Every check, credit card transaction, or cash purchase you make for your business shouldn’t be viewed purely as an expense. I’m not talking accounting principles here, I’m talking mindset.
If you treat all spends the same, you will likely miss out on doing things that will have a far greater impact on your business growth. Some expenses are smart investments. If lumped in with printer cartridges and copier paper, you’re not giving them a fair shake.
My mentor is the one who opened my eyes to this many years ago. We talked a lot about what I needed to do to grow my business. I would immediately respond – “I can’t afford that!”
That’s when I learned about my huge blind spot. The decision was not whether I should spend the money on my business, but whether I should invest the money in my business.
That shed a whole new light on expenses. Investments were the workshops that gave me the knowledge I needed to stay competitive and growing; and, mastermind groups to get me out of my own head; and coworking. Yes, I worked from a coworking space before I started Suite Spotte because I got so much energy, ideas, and inspiration from other members. These were some of the investments I made to take advantage of the growth opportunities I was then prepared to create. And still do today to keep growing.
Sure, money was often tight. But somehow, I found a way. Whether it was by asking for a workshop fee as a Christmas or Mother’s Day gift from family instead of the fresh flowers or new sweater I usually got. I’ve also been known to sell off some “vintage” items that had been stored away. Or cooking for a month instead of picking up something quick and pricey a few days a week. Or even postponing an upgrade to the latest cool phone. Be creative! The money is there. If you really want your business to grow, you will find it.
The next time an opportunity comes your way that will help move your business forward. Step up and invest in YOU!