I get it, investing in your business is hard.
One question I hear all the time from clients is, “How do I know where to invest and when?” Here are the three questions I ask in my business when it comes to investing:
(1) Will investing in this stress me, or will it just stretch me?
I ask myself — Will I still be able to put food on the table, gas in the car, and keep a roof over our heads — even if this investment goes south?
Now you may be thinking, “but wait, even though it's not a stress factor for me, it could still be a risk.”
And you're totally right.
And the truth is: every day in business is full of risk.
But don't worry – the rest of the framework will help us decide if the risk is worth it or not!
(2) What would a business owner at the next level do?
My mentor, coach, and friend James Wedmore always says “What got me here won’t get me there”, so if I want to get to the next level I’m going to need to invest to get there.
So I ask myself: Would someone at the next level make this investment?
If you continue to make decisions based on the business you have, you'll continue to have the business you currently do.
(3) Will I return my investment?
Do I need it? With where I'm currently at in my business, do I actually need this to move my business forward? Will I use it? Will I get $x (i.e. the price of the program or product’s value) of use from it?
And a course or program that teaches me something new, something I can implement in my business, something that will help me get back my time or help me increase my bottom line – it’s likely going to be worth it.
(Hint: the answer to question #3 with a course or training that I invest in is, almost always, yes — if I take action and do the work.)
By running my business investments through this framework, I’m able to make wise and strategic decisions for myself and my business, and you can too!
I’m curious — do you have a program or training you’ve been on the fence about investing in? If so, what’s been holding you back from saying “yes”?