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!
Find out more about what you should invest in for your business from the experts at the Rocka Million Weekend.
Suite Spotte was fortunate to have local high school interns work at Suite Spotte this summer. Lyons Township High School intern, Joanna, shares her experience at Suite Spotte. Thanks Joanna! We miss you already!
Suite Spotter Mike Bash shares interviewing tips with Summer Interns.
When I first heard about Suite Spotte, I had no idea what coworking was, and had little experience with business in general. Over the course of my few weeks at Suite Spotte, I learned so much about entrepreneurship, coworking environments, and business itself.
I really feel fortunate to have gotten the opportunity to work in a space like Suite Spotte, not only because of the rapidly growing coworking market, but because of the diversity of the people here.
I did get the chance to sit down and talk with a few Suite Spotters, and it was so interesting to see the similarities and differences between people. I really got a sense of the people who come here and why they come here. I found it super interesting and motivating to see so many different people in so many different businesses and fields working in such a collaborative environment.
The main project that I worked on here at Suite Spotte was developing ideas for an online membership site and researching coworking management software. If I’m being honest, some of the work could be tedious at times, but other parts were extremely exciting, and overall I found the experience very valuable.
It allowed me to take steps out of my comfort zone, discover how I can leverage certain aspects of my personality into strengths, and see how well I work on a single project both in a group and individually. The skills that I learned while working at Suite Spotte are skills that I can apply to high school, college, and beyond, and I’m very thankful for that.
Suite Spotte is a really special place. It fosters creativity, productivity and learning, as well as an amazing sense of community and collaboration. I’m so grateful to have been a part of it!
As we get ready to kick off RUSH WEEK at Suite Spotte, fellow coworker Mike Bash of Silcon-Valley-based start up, Eversight, shares his decision to become a Suite Spotte member with Morgan Searles of Patch.com. Check out what Mike has to say here.
Thanks Mike and Morgan for helping to spread the word!
Don’t you just love it when seemingly idle chit chat turns into an enlightening conversation? It happened to me a couple of weeks ago. I had a chat with a group of clients about why some small business owners resist asking for help – particularly from a business coach.
The usual suspects — no time, no money, what do they know about my business — were brought up. And then Jen said, “All of those are really just excuses. The truth is to work with a coach I had to say out loud that I needed help. I had to give myself permission to be vulnerable, and that scared the hell out of me.”
With that one confession, the conversation broke open. Turns out there was a lot of initial fear of being exposed going around the table in the early days of their coaching experience. Fear of being found out. Fear that things were not going right; which meant, they were doing something wrong. Exposing a chink in the armor.
I get that. The first time I asked for help, I knew that I had to come clean. (Yes coaches need help too, and yes we hire coaches). I had to admit, especially to me first, that things weren’t getting better on their own, and I needed help. I had to get out of my head and explore a new perspective.
Once I fessed up and started to do something about it – whew! Things seemed to be so much better even before they actually improved. Lugging that armor around had worn me out.
This is not a pitch to hire a coach. It is a strong recommendation to seek help when you need it. Frankly we probably need it more than we are willing to admit. What if you were a bit more open, turned to a colleague and said, “Hey can I bounce something off of you?” Believe me, it can be a game-changer.
If you haven’t heard of Periscope, it’s the next big thing in social media. And now, Suite Spotte is on it!
Every Wednesday, a few of our members get together during lunch to have an “Entrepreneur Mastermind”. One person is randomly chosen to be in the “hot seat”. There they can discuss something new and exciting in their business, ask the group for advice, or tell everyone about a new tool or service they use and love.
Since this group organically formed in May, members have helped each other overcome the hurdles and celebrate the successes that come with being a business owner.
The last Mastermind in June was broadcasted on Periscope by Amber Schultz, and had over 75 viewers from around the globe.
Here is the recording of that Mastermind, minus the comments of people watching the broadcast…
What advice would you have given Terry had you been at the Mastermind?