Interesting post today on Dawud Miracle’s blog titled “Why you need to invest in your business.”
For those people running a truly small business (less than $150,000 in gross receipts annually) spending money on non-tangible items can be a tricky game. Your marketing and promotion budget looks like the jar above.
What I mean is spending money on new file cabinets, or a new desk for a business owner at this level provides a physical object–something to put your hands on. Whereas investing in a marketing plan, or paying someone to brainstorm on developing your brand is not a definable physical object that you can point to and say “that is what I paid for.” This is a tough proposition for a truly small business owner to entertain.
I think it is hard for business owners at this level to see beyond the quarter or next quarter. Business at this level is happening on a day-to-day basis. Business owners keep their view on the short distance game. Being able to “let go” and see the big picture can be a challenge.
I would suggest that a small business owner take time to define their goals with their business.
- What do you want from it? Money? Independence?
- Envision wild success. What does that look like?
The idea is to define what you want and from there devise a plan to make it happen. Breaking things down into smaller and smaller tasks is key to moving ahead and there are hundreds of blog posts about the topic of getting things done.
I think that many times small business owners look out and think they can’t get to the “pie-in-the-sky” goals and then just give up on it. Thinking you have to spend $10,000 to achieve your goals may actually be reality but that does not mean it has to be all at once. Do what you can with the resources you have now. Build a foundation that can support future endeavors and even handle a change of direction if need be. The key is to, as Walt Disney said, “Keep moving forward.”
I know, being a small business owner, that I too can be a (non) spender. If you are a small business owner, do you spend on the non-tangibles? (marketing, promotion, etc?)
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