Whether you have been in business for a while, or are just starting out, it is important to be aware of what is working well, and what is not working so well for you. The adage ‘you’ve got to spend money to make money’ is true, however it doesn’t tell the whole story. Your job is to learn how to prioritise and decide exactly where to splash your cash to yield the highest return.
Running your own business is no small feat – it requires dedication, creativity, and a lot of hard work. As you navigate the exciting journey of creating and building your business, you will likely find yourself pondering if it is time to invest in your business’s growth. Many aspects of growing a business are a leap of faith, but taking that leap doesn’t mean blindly jumping in. It does mean weighing all options and making thoughtful, considered decisions to minimise risk whilst maximising returns. Assessing your finances, processes, and purpose is so important. This process will help you decide when, and how, to invest in your business.
Being your own boss means it is up to you to get honest about what is and isn’t working so well in your business. You should be checking in with yourself regularly to make it less overwhelming and to keep on top of any emerging issues before they become big problems. This should be done even when things seem to be going well. In fact, especially when things are going really well – you want to be able to keep that up!
Start your assessment by making a rough list of the ‘good’ and ‘bad’ aspects of your business. We are not talking about products, services, or offerings, though if anything comes up, you could note it for another time. Your focus should cover things like:
It can be hard to think of everything, and this will be a work in progress over time. What you want is to get into the habit of noticing when things aren’t going so well. This helps you to address whatever is going on and make a change. Sometimes it is too easy to get caught up in the busy-ness of business, and that can become a cycle that is hard to escape from.
The same principle goes for things that work well too – sometimes you don’t understand why things are going well, you just know they are. Let’s face it… if things are going well you don’t want to rock the boat by making any changes. But if you don’t make an effort to understand why something is working, it is really hard to keep the momentum and build on it. And it can become a pitfall. Not wanting to change anything to keep the good streak running also means not changing any of the aspects of the business that are causing problems for you.
Now that you are gaining an understanding of what looks good and what doesn’t, you can give some thought to what to do about it. Thinking is an extremely important part of the process, as you want to make sure you have considered things from many different angles. Do some research and get input from others about the available options. There is always more than one way to do things, and finding the right solution isn’t about running with the first thing that pops into your head. Having said all that, there is a caveat: at some stage you will need to put your thought into action. As good as it is to spend some time understanding all the options, it will not help at all if you let yourself get stuck in indecision. Sometimes you just have to pick something and give it a go.
Almost as important as finding solutions to problems, is finding ways to continue doing what is working. This will help keep your business on the right track for success. If these are processes, find ways to make sure they are consistently implemented. If it is a certain level of customer service, make sure you offer initial and ongoing training to really emphasise the level of service expected and needed from yourself and your staff. Try not to think too small or superstitiously about why certain things seem to work.
Often it is not just a single thing, but a system or a few pieces that make a whole. It is also important to note that as your business evolves, so too will the things that work. Just because something has always worked well, or previously gave excellent results, doesn’t mean it will continue to do so forever. At some stage there will be things that move from your ‘good’ list to your ‘bad’ list. Part of being a successful business owner is knowing that this is nothing personal, it doesn’t have to be bad, and in fact it can pose an exciting opportunity to think outside the box. Ultimately, you are going to find more often than not that trying to stay the same will stunt your growth. Spread those wings and rise to the challenge!
The real question this article set out answer is how do I know when it is time to invest in my business? Having read this far, the answer still might not seem obvious. Mainly because it isn’t straight forward, but rather a matter of ‘it depends’. Every business, person, and situation is different, which is what makes owning your own business so exciting and rewarding. However, it can leave you feeling a bit stuck and unsure. Having assessed your weaknesses and strengths, you should have a handle on what you can keep and what you need to tweak.
To start yourself off and get into the swing of it, choose some smaller things that you can easily fix. For example, if you have been feeling overworked, pick a time to ‘down tools’ every evening. Don’t forget weekends and holidays too. Set any devices related to your business to do not disturb during your down time. If you can’t because it is your personal phone, an easy solution would be to get a business phone. Creating a divide between home and work is a very simple way to start getting your work-life balance right. Many other things will also have simple fixes. Others will be a little more complicated, costly, or time consuming. Learn to prioritise and remember, if you’ve done your research first it will pay off in the long run.
Our next article will look at what you can do to address a range of issues. This will give you an idea of how to invest in your business. Now that you know what you need, it is important to take steps to make it happen. You might have already figured out your next steps as part of this process, or you might feel more lost than before. Either way, this much is clear: your actions (or inactions!) will determine your success. Adopt the practice of being honest with yourself and checking in often. It will make such a difference in your business, and for you personally.
In today’s digital age, setting up a remote office has become a cost-effective solution for solopreneurs, small business owners, and employees. By harnessing the right tools and resources, you can create a virtual workspace that enhances your productivity, collaboration, and professionalism. This article, whilst not exhaustive, will show you some of the options for setting up a remote office on a budget, from leveraging communication and task management tools to implementing smart marketing strategies and exploring outsourcing options.
A key objective of a Business Centre like Living Workspace must be to provide business owners and executives with options to minimise risk, where risk can have many dimensions. Such dimensions might include threatening financial reserves, through excessive expenditure on non revenue producing activities (eg office accommodation) or long duration financial commitment contracts, where circumstances may change well before the contract term expires. Another may flow from over allocation of time to non revenue producing activities, rather than core business activies – an opportunity cost of time and effort not spent productively. Hence the potential benefit of utilising a Business Centre to provide office or meeting room facilities only when actually needed. Or perhaps making do with a Virtual Office facility for business address registration. A Virtual Office address may even enable a more prestigious address for the business than would otherwise be financially sensible. A little time devoted to risk minimisation may be smart business.
Moving out of the home office or expanding your business can make the decision of leasing office space or a serviced office a challenging one.
For the small to medium business owner, running a business and looking for appropriate office space can be a time consuming exercise. Factors to consider when you are ready to move out of your home office or set up your own office include:
Budget for expenses and outgoings for a traditional 2 – 3 year lease term office. Add the two month’s rent bond payment, solicitor’s fees to review the lease contract and costs associated with employing staff.
Inspect the facilities and take into account the above factors and if it is the right fit for you. Depending on the stage of your business, being locked into a long term lease contract or not having the flexibility to grow or contract when you lease the space directly can make the decision of a serviced office lease an easy one. Serviced offices are becoming increasingly popular due to their professional corporate image, convenience factor and fixed pricing structure.
The good news is that a corporate style serviced office can offer an attractive and productive work environment, with a sense of community and that familiar corporate ‘vibe’ while providing a cost effective solution for the short term and possibly long term when your business needs change.
