When you have a business that starts from passion, from scratch or even one that’s passed down to you from family or a friend, it can be daunting to sit down and figure out how you should spend your money within it to ultimately keep pushing it forward and profitable.

There is always that “what if” of spending your money wrong, losing money, or making a bad investment. Truth be told, sometimes you have to make those bad investments to learn from and grow – but if there becomes a pattern, that’s when you need to begin to worry. 

Not to mention, when you have a few strokes of bad luck in a row with investments, it can truly hinder your decision-making process and create PTSD. But today, we’re not talking about things to avoid, but actually things to DO when looking to spend your money the right way within your business, and when to know if it’s time to spend your hard earned dollars.

 

1. Sales Training 

Companies of ALL sizes can benefit from sales training. Sales training is an investment that is 100% worth your dimes – especially as consumer behaviors shift and change. When I first started my business, I totally relied on word of mouth and referrals and that alone was a huge leg up for my business in sales. But eventually, I wanted more. I wanted to land specific businesses and needed to develop a strategy to do so. Investing in sales training is what got us there and increased our agency revenue YoY.

When to know it’s time to invest in sales training:

• You are a solopreneur and are intimidated by sales 
• You are getting ‘ghosted’ by prospects
• You’re losing sales to competitors
• You’re rolling out a new product or service
• You’ve onboarded new employees or contractors who will be selling
• You’re ready to stop relying on word of mouth or referrals and go after clients YOU want

 

2. Systems and Automations

If you feel as if you don’t have enough arms and time in the day to do all the things your business requires, one of the best ways to free up your time is by upgrading or investing in new systems and automations. Thanks to technology, there are so many ways to do this – in sales, marketing, admin, operations, etc. 

Need to send weekly emails? Automate with software like Flodesk, ActiveCampaign or MailChimp.

Need all of your automation software to speak to each other and work collaboratively with each other? Zapier is your BFF – you can create zaps that make EVERYTHING integrate. Zapier is literally one of my favorite automation tools. 

Need a place to host your course or digital product content (and even sell!)? Podia is one of my favorites lately, but Kajabi and Kartra are also fantastic alternatives!

A few of my other favorite tools include Monday.com (for automating to-dos), Honeybook (for Client Management automations), Slack (for communicating with my team), and good old fashioned Standard Operating Procedures. 

When to know it’s time to invest in systems and automations:

• When you’re spending a crap ton of time on things that are non-billable within your business 
• When you’re losing track of what you need to do
• When you’re overwhelmed by processes 

 

3. Marketing Strategies 

As mentioned earlier, consumer trends and behaviors are constantly changing. Your business needs to be *with it* on these changes and molding and adapting your marketing strategies TO them – which can be challenging, even if what you have to offer as a business IS marketing. It can be tough to look into your own business and create these strategies when you’re laser focused on selling your product. Investing in marketing strategies allows for an outside perspective on how to get your business name out there – and visible.

When you know it’s time to invest in marketing strategies:

• When your current marketing strategies are no longer working (aka, your metrics are on the decline)
• When you’re ready to attract clients in other ways than word of mouth 
• When you want to build sustainable strategies that bring long term revenue to your business

This can also look like hiring a consultant onto your team to help you along with said new strategies. Enter Brand Good Time as your new consulting BFF! If you’re interested in expanding and growing through some time-proven strategies, head over here to learn more on how to work with us!

 

4. The Growth of Your Team

Sometimes your business dreams might require some internal expansion, like adding new team members! However it can be confusing and even cause some back and forth decision making when you aren’t sure if it’s the right time to add a new member or members. 

Some indications you probably need to spend the money and hire look like this: 

• When you’ve done the math and your business is making enough revenue that you can afford to hire a few people to expand
• When you realize that you are at your max bandwidth in terms of energy and time, or that your team is as well. We can’t all be expected to do everything and then some, and it’ll ultimately be more beneficial to your business if you and/or your team isn’t under exponential stress or exhaustion. 
• When you need to hire someone to help expand a section of your business you know you can’t do to the best of your ability. Sometimes a specialist, like a web designer or a branding expert can be all you need to push your business forward!
• When you’re looking to innovate/add new revenue streams to your business. Bringing a fresh new set of eyes can help you see other options ro ideas you might not have even thought of before, and ultimately breathe new life into your biz.

I know it’s hard to look at ways to spend your money for your business, especially if you’ve had a few bad investments that leave a bad taste in your mouth. Don’t fall for the smoke and mirrors, instant results click bait traps that have become a growing trend within the entrepreneurial community. 

If someone is promising instant results, please do me a favor and sprint in the other direction. What most people don’t realize is that it takes persistence and confidence to achieve the results you want!

With that being said, don’t be afraid to spend your money the right way! Signing off as your marketing bff and biz cheerleader, 

Lauren