3 Things Every Small Business Owner Should Be Investing In
According to research, 82% of small businesses fail because of poor cash flow management skills or poor understanding of cash flow. Simple, no cash means you can’t pay your existing people, hire new ones, or buy equipment. But this doesn’t mean that stacking and saving cash in your bank account is a good option. We recommend investing in these three things to effectively and efficiently grow your cash!
According to a report, 20% of the time a business owner spends on financial tasks can be automated. Your time as the CEO is a luxury. Yes, you can hire somebody to do it for you, but hiring talent is expensive, so you need to automate tasks as much as possible.
How to automate your business systems:
- Map out all of your business processes
- Identify any redundant tasks that can be removed or any manual tasks that can be automated. [Click here to learn how to automate invoice sending and reoccurring payments.]
- Write down all of your automation opportunities.
- Research companies that provide services for your specific automation needs and execute accordingly
100 hiring managers were asked what their greatest challenge in 2022 was – and 76% said “attracting the right talent.” “Talents,” a.k.a good people that you have. A bad hire is not just wasting effort and time; worst, $15,000 worth average of your money, too, according to a study. You must keep strong individuals around you because they are the ones to ensure your organization is in the right direction.
How to hire the right key talents:
- Create a hiring roadmap:
- List the key talents you need for your business.
- Define the job description.
- Highlight what they are expected to achieve so you can have the information to know how their performance will be judged.
- Avoid complex and lengthy hiring processes.
- According to a report, almost 60% of job seekers quit online job applications halfway through the hiring process due to their length and complexity. On average, job seekers believe the hiring process should take less than two weeks from the first interview to a job offer.
- Have a compelling offer (e.g., free training and seminar) for your talent’s professional development.
- Do you know the main reason why people change jobs? CAREER OPPORTUNITY. Ensure that your key talents know what they will get aside from the monetary compensation.
ANYTHING THAT FURTHERS YOUR SMART FINANCIAL GOAL
Revisit your SMART financial goals. [Click here to learn how to set SMART financial goals for your small business.]
Avoid unrealistic financial goals to steer clear of:
- Wasting Cash – wasting this financial resources can occur if your marching towards an unrealistic goal
- Exhausting your Physical Ability -you will not be energized knowing in the back of your mind that the goal you’re working towards is unrealistic to achieve.
- Exhausting your Mental Ability – you can transition from an excited business owner to an “I cannot do this” mindset real quick!
Revisit your business financial goals, and don’t be afraid to change your path from your initial financial goal, like the rest of the 75% of business owners who did so, according to a study!
How to prepare anything that furthers your SMART financial goal:
- Write your SMART financial goal.
- Determine what you need to invest in to help you further one of your SMART goals.
If you need 1 on 1 help with a certified business financial coach to help you further and boost your business’s financial health, click here.
Investing in your small business offers immense opportunities for entrepreneurs like yourself to grow your wealth. However, it is important to evaluate your options seriously before taking the plunge and investing in your next big opportunity. Our definitive guide above gives you tips, strategies, and tactics you need to succeed in growing your money, from automating your business systems to selecting and hiring key talents to planning your next move that furthers your SMART financial goals!
Now that you know the three things every small business owner should be investing in, do you want to know which of those three should you prioritize and start investing in? If so, hop into our community of like-minded business owners who are all working towards maximizing profit through planning on how to invest in their business. [JOIN OUR COMMUNITY HERE]
BONUS: Download this checklist to help you build healthy money habits to help you succeed in your business. Including 1 BUSINESS SAVING AND MONEY-SAVING SECRET for every successful business owner to invest in that is not found in this post!