by Nick D'Alessandro, posted 10/21/2016
Does your business have potential, but lack the growth you desire?
Maybe you have some ideas for growing your business, but you’re afraid they won’t actually pay off.
So, how do you get there?
Investing in your business is the key strategy for substantial growth. But, in order to invest -- and grow your business -- a positive cash flow is crucial.
Maybe you’re a small entrepreneur and you have some money to invest in your business. The question then becomes pinpointing the best area to utilize your funds.
Unfortunately, there aren’t any guarantees or magic answers, but there are some considerations to help you make smarter decisions.
Once you’ve put some thought into each of the following questions, you can have peace with your decision, regardless of the outcome.
- Does this investment have the potential to increase your income?
Will this investment:
- Improve your product?
- Help to create a new product?
- Increase your lifetime customer value?
- Attract more prospects?
-Help you to convert more leads into customers?
- Are you in a stable enough financial position to make this investment?
Can your business sustain its financial health if the return on investment is less than what you hoped for?
- Does this investment align with your business goals?
Does this investment have clear potential to grow the business and get you closer to achieving your business goals?
Hint: You will need to think bigger and potentially invest more if you have very ambitious goals!
- Is this investment aligned with your core values?
Is there anything about this investment that makes you uneasy? Could it compromise your reputation in anyway?
If your investment idea passes through these filter questions, consider taking action.
Keep in mind, there’s going to be an element of risk with virtually any investment.
You’re not going to get ahead without taking some risks. Risk = Reward
The goal is not to find a way to eliminate the risk, but rather to mitigate it!
Wishing you much success!
About the Author
Nick D’Alessandro is a small business strategist and founder at Trilojeemarketing.com. He is excited to share his 30 years of business experience by helping small business owners grow their business and fulfill their career purpose.