How to invest in your business

There is no doubt about it, starting and running a micro business is a rollercoaster ride of opportunities, challenges, and rewards. And like anything in life, as the old adage goes, "You have to put something in to get something out."

This couldn't be truer than in the world of business as investment paves the way for growth and sustainability.

But too often I see businesses stagnating because the owners are either too afraid to invest, or (and this is pretty common) they have no idea what they should be investing in, so they get overwhelmed by choice and do nothing.

Let’s look at why investment in time, as well as money is so important

Fuel for Growth

Investment is the lifeblood of any business. Without it, growth stalls and opportunities can slip away. Whether it's money, time, or effort, putting resources into your business will always bring growth of some kind. Imagine your business as a garden: to see it flourish, you need to plant seeds, water them, and provide nourishment. Similarly, your business needs continuous investment to thrive.

Staying Fresh

In today’s fast-paced world, standing still is not an option. The markets we all operate  in are constantly changing and evolving. How we are doing business today is different to how we were doing business even a couple of years ago, so we need to stay fresh and not allow things to get stale or stagnate.

Building a Strong Brand

Investing in branding and marketing is essential for creating a strong, recognizable brand that connects you with the people who need what you do. But a brand is not just a logo; it's about understanding why you do what you do and being able to convey that narrative to your audience in a way that resonates with them.

It’s about understanding your values and what’s important to your community.  Effective branding is so important because it builds trust and loyalty, and this is turn leads to repeat business and word-of-mouth referrals.

So, this is all great, but “I’m a micro business and I don’t have much money!” I hear you cry, so what are the best areas to invest in when budgets are limited?

1. Professional Development

 Investing in yourself is crucial. I often say to clients that if they want to grow their businesses that first they should work on themselves. Another way of looking at it is if you want to work on yourself, set up a business! As my old mentor used to say to me, “We bring ourselves to work every day.”, meaning that all our unresolved issues and limiting beliefs come with us too.

So, working on yourself is never going to be money wasted. This might mean upskilling and working on your CPD (but beware doing endless courses until you are ‘ready’), or it might mean learning about a new area of business so you can develop new products and services.

If you are struggling with things around mindset, then it might mean working with a therapist, counsellor, or with a business coach for example. Or all the above! I make no secret of the fact that I have a therapy practice, and this always pays dividends (so to speak) with my business. Find out how I can support you and your business through coaching. Book a FREE 90 minute Coaching Call.

2. Systems and processes

One of the things that has saved me time and money in the last couple of years is having an integrated online calendar on my phone and laptop. I have also invested in a simple bookkeeping system, and a CRM (Customer Relations Manager) for monitoring and tracking my sales and delivery. None of these took much time to set up, and the CRM I use is free.

All of them have contributed to me being able to assess the effectiveness of my marketing, manage my diary efficiently, and manage my cash flow properly. Investing just a little time and a small amount of money (In my case £10 a month) has resulted in me saving a lot of time every week and month and gives me the information I need to make decisions for my business.

3. Digital marketing and website

You don’t need me to tell you that effective marketing is vital for attracting and retaining customers. Your website is and will always be your shop front for your business so always invest in your website before anything else. While social media followers come and go, your email subscribers show you the most loyalty because they have entrusted you with their precious date. So, show them some love! Invest some time in SEO (search engine optimization) by writing blogs, refreshing copy and adding testimonials to your website. Equally, create a marketing strategy that incorporates digital marketing like email campaigns. A well-rounded marketing approach with a well thought out strategy will ensure that you reach your audience through multiple channels, increasing your sales and therefore profit.

4. Learn to write copy

Years ago, I invested in someone to do my social media and write my newsletters because I thought this would result in sales. The person I worked with was/is amazing at what they do and a total professional. And yet…. I spent £1000’s investing in them and saw virtually no tangible results. Very little increased sales and therefore hardly any ROI (return on investment).

And because I had run out of money, I had to go back to doing everything myself. So, I invested a lot of time in learning about how to write copy for my business. I started writing all my newsletters, blogs and social posts as well as copy for my website (I still do). And I now see better results from my marketing than ever before, because no one knows my business or my marketing as well as I do. And the fact that I do all the copywriting connects me to my audience in a more profound way.

So, before you invest anything (even £50 a month getting someone to post on your socials) learn to write copy because it is a skill that you will always need, no matter how much you grow.

5. Strategy

The other reason I think that investment never paid off for me, was that I had no real strategy. My goal was just to get ‘more’ money coming in, but I didn’t have any sense of focussing on how. Or what ‘more’ was so I didn’t have any targets. This meant that the great marketing person I worked with didn’t have a good enough brief from me, so they were limited in what they were able to deliver.

Investing in creating a strategy is the main way to see results in your business, based on your personal goals of what you want your business to be facilitating for you.  Creating a strategy doesn’t happen overnight, but it’s not as hard as you think and it gives everything you do purpose, so it’s vital in order for you to grow.

If you are still feeling confused or nervous about investing in your business let’s finally look at how you can overcome those investment hurdles:

Financial constraints

Many micro businesses operate on tight budgets, so we have to be extra creative and somewhat cautious about how we approach investment. However, there are ways to invest wisely even with limited funds. The thing to do is to rioritize investments that offer the highest ROI. For example, a small investment in a professional website can significantly boost your credibility and reach, as can a consistent email marketing strategy (I.e. Sending out a regular newsletter with a clear call to action)

Managing time and energy

As a business owner, your time is the most valuable asset you have so you need to invest it wisely by focusing on high-impact activities. Go through every task and activity that needs to happen every day, week, month, quarter in your business and see if you can either automate it, delegate it or eliminate it.

Streamline your tasks and do your most high energy activities when you are most energised. For me this looks like doing most of my coaching delivery and writing in the morning, when I am at my most perky, and leaving scheduling, social media and financial management to later in the day when I am a bit slower. Think about your own energy cycle throughout the day and use it your advantage.

Fear of risk and finding your courage!

Investing always involves some level of risk, but so does running a business in the first place! All of us have a different attitude to risk depending on who we are as people and life experience so manage your own response to risk, but don’t avoid it.

Avoiding risk altogether will keep you and your business small. Find your courage and get support if you need it, but be prepared to take some risk because it will help you grow, and that can only be good for business!

Investing in your business is not just a necessity; it's a gateway to achieving your goals. By putting resources into professional development, systems, marketing, and strategy, you're setting the stage for long-term success. Remember, every investment you make today can lead to significant returns tomorrow. Embrace a growth mindset of continuous improvement and watch your business grow and flourish. After all, you have to put something in to get something out.

If it still all sounds too scary, or just confusing, book a FREE 90 minute Coaching Call and let’s explore how you can invest in your business to see the changes you want.