Is Investing in Your Business Discretionary?

What do you believe are the most important things to invest in for your business?  Where do you invest your time and money to improve your business?

Is it equipment or new resources, new office space, new buildings, or new systems?  Is it marketing – advertising, social media, networking events, rebranding, marketing materials?  Or is it your people?  Do you spend time working ‘on’ your business rather than ‘in’ it?  Do you invest in specialist advice?

How you determine where to invest time and money is very much relative to your personal goals, business goals and Vision for your business.  However, sometimes, external influences may have an impact on this investment and influence your decision making.

I recently had someone say to me the service I provide to businesses would be seen as discretionary investment.  What you can infer from this statement is, if businesses have extra money lying around, they will use it for this service.  If they do not, they will not invest.

The service I provide focuses on improving the performance of individuals, teams, and the business overall.  In my bias, I would say it is something not to be dropped.  It is connected to all of the questions raised above.  The decision to not invest should be a well-considered one.  When times are challenging business owners do tend to hold onto what cash they have.  It is fair to say the first investments to be relinquished are those around people and marketing.

The other investment which gets dropped is the time to work ‘on’ the business.  More time is spent ‘in’ the business.  While you are ‘in’ it, it is very difficult to find the headspace to think strategically about where the business needs to go.  If we do not focus on what we need to do to get to where we want to go, how will we get there?

What do you need to invest in to achieve your personal goals, business goals and Vision?

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