Just signed off on a $30,000 spend or $2,500 a month, with an external consulting firm that will provide us with key tools, resources, business development strategies, and assistance for helping us grow our business and enhance the products and services that we continue to deliver to our clients. Being an accountant, it was obvious that I would briefly work out what else I could have spent the $30,000 on, maybe for personal use. I worked out it was equivalent to 12 months-worth of car repayments on a brand new Porsche 911. Having this car would have been nice, however I realized instantly that I wanted to continue to invest in my business to help it grow so that we can become one of the leading accounting firms in Australia by providing the best resources, the best advice and the best help to our clients for them to continue to grow their businesses. I made this decision without hesitation.
Too many times I see business owners bleeding dry their business of cash flow without reinvesting not so much as a dollar back into the business to help it grow. Given the ever changing economic landscape, the emergence of new competitors, the shifting tastes of consumer habits, it is vital that for businesses to thrive and survive in the future, the owners must continuously reinvest resources back into that business to develop new products, new services and expand their market share. I always invest back into my business and can see a great return on investment to my staff and to my clients by enhancing what we do for them. An investment however is like any other and must be judged on its merits and must create the desired return that you want from plowing money back into your business. If it is not providing you with the future return, then you are not building an asset and you need to consider alternate ways of investing back into your business today to help it grow into the asset that you can reap the benefits of in the future.
What seeds do you need to sow now, feed and tend them, cultivate them, and then later harvest the fruits of your labour? Too many business owners want everything now including the flashy car, but are yet not willing to invest in the future and create the rewards after the hard work and harvesting has been done.