Ten years ago, the most valuable lesson my first hire taught me was that a million dollars is not a lot of money.
This lesson still sticks with me today, and I am still in awe of how this one sentence started to change my mindset over time. As I grew on a personal level, and on a business level, I started to realize that to get big, the only option is to THINK big.
There are many books that go into this concept in depth. The most well-known would be Napoleon Hill's Think and Grow Rich. The more time I am in business, the more the concept rings true. A lot of times the difference between success and failure is your mindset. One of the most important mindsets for an entrepreneur is your 'money mindset'.
Does money work for you or do you work for money?
Do you see present expenditures as a value-add for your future business?
Do you spend money with purpose?*
What's your money mindset?
At the very beginning of my entrepreneurial journey, I was hesitant to spend cash, because $100 when I was 22 years old seemed a lot more than what it is to me today.
One important lesson I've learned in you need to invest money into your business in order to grow it bigger. This includes spending money to:
- Hire, train and retain the best staff on your team. Growing their skill sets means they are happy with their personal growth and in the long run it also helps grow the value of your business.
- Invest in new initiatives. When you and your team see your ideas come to fruition it is the most invigorating thing. Businesses that are busy and growing tend to fall into a loop - just being plain old busy. How are you shaking up your business services to get to the next level? To stay ahead of the competition? Finding new and engaging business services to explore and branch out to opens up new revenue streams and lets your team tackle new challenges, making the experience all the more rewarding.
- Invest in an office space and location convenient for your clients and your staff. I realized that an office location serves two key functions: a convenient and vibrant location means your staff will be proud to be a part of the company, and your clients will also judge your business based on where your office is. Location is a status signal.
- Furnish your office for the best first impression. Now that you have invested in securing a great location, you must invest in your furnishings, as your office design is an extension of your brand image, so you want to ensure it delivers a favourable and memorable experience when your clients visit you. Of course, another big benefit of having a designed office space is that your team will feel proud of it and happy to come into work. If you all have to be there for 8 hours a day, you want to make sure everyone is in a good mood!
Those are just a few of the ways I have invested and spent money on my business these past few months, and you know what? It feels fantastic, to know that the funds are going towards investing in the future of my business.
Are you willing to spend money to grow bigger?
*Frivolous spending to acquire useful status symbols do not help to further your business.