Friday, January 2, 2015

Invest In Your Business


I often encounter individuals who think they can start a business or operate a business without sufficient investment in the resources or business services required to keep a business operating successfully.  For instance, when starting a business and you are looking for a company or consultant to assist you in writing your business plan, do not expect that consultant or company to be overwhelmed with the task of putting your plan together, plus conducting endless hours of research for information gathering, only to be paid a minuscule fee.  If you are searching for a service to build your website, do not expect that a web designer is going to build you a high quality/highly optimized site, with well designed pages, videos, and a photo gallery for a few hundred dollars.  The designer to whom you present such an offer, will tell you to find someone else to build your site, or do it yourself.

When you seek professional services, expect to pay market value for the services of a consultant or company providing you a service.  Oftentimes, too many of us think we can beat someone down on a price for services rendered, and receive full value as if you payed a higher price for the same quality of service.  It does not work that way.  Entrepreneurs must grow comfortable with the fact that to make money, you have to spend money.  You have to "invest in your business".  If you can't afford to pay for basic services, and think you can get by without investing properly in the development of your BRAND and business, then you are not ready for business ownership.  You are still a dreamer.  Develop a realistic budget for services required, then seek the appropriate assistance.  Bypassing a professional for someone who does not invest in self-development, or for someone who offers a "side" service for a few dollars, places you at risk of looking unprofessional and unprepared for business ownership.  For instance, if you paid someone $200 for a business plan, because that person told you he or she can put a plan together that will get the same results as one at the full market value, chances are your business plan will not be an effective tool for you to use in growing your business and getting the necessary funding you need for working capital to operate your business.  Don't be overly frugal when it comes to doing the right thing to build your business.  Yes, we have to be cost effective and cost conscious, but understand that you pay for quality.

Another example is if you operate a bricks and mortar, and you have expensive plumbing and electrical work which have to be performed.  Determine what can be done by you and what has to be outsourced to a professional.  You may be able to perform some of the basic tasks yourself, and reserve the more arduous and complicated tasks for a professional.  Do not perform tasks yourself, if your sole intent is to save money.  You can get a licensed professional to perform the high quality of work you expect, with wonderful results.  Performing work yourself may compromise safety and put your clientele at risk, or cause greater damage, if you are not an expert at what you are doing.

In Summary, you get what you pay for.  If you cut corners, you will compromise your BRAND and your image may be communicated poorly to those who keep you in business.  Seek professionals who can take you the next level, which is becoming a successful entrepreneur.  Do your research, compare service providers, and select the company or consultants who are experts in their respective field.  Get referrals, or go to the Better Business Bureau's website to find consultants in your local area.  In the end, you will have the peace of mind knowing that you invested in your business the right way, and did not cut corners on your development.