When we buy something, we are only too quick to look at the price. What it costs us regarding monetary value.

As a business owner, it is just as important to consider the cost to our future selves of not purchasing regarding results and even time.

Investing in the future of our business is always a fine balance for the smart business owner. Knowing when not to spend and at the same time to spend and invest in something that will show benefits despite a temporary “pain”.

e.g.  Weighing up the “cost” of engaging one marketing strategy over another for is a question that is only too common for us all.

Here are a couple of tips that have helped me along the way:

If it works do more of it

Look at what is working and as long as it is bringing you the kind of business you want then, then, do more of it.!  Unfortunately, many new business owners put their time and resources into what they think should work rather than what does work.  This often comes from their experiences in bigger business ( previous jobs) when marketing budgets were easily available, staff were on hand to do everything, and there were always people to speak to when needed.  Small businesses are different.

Smaller businesses and in particular start ups tend to be time rich and resource poor.  For many small business owners, their best resource is themselves regarding getting new business and the leveraging of their network which is ultimately free for advice, support and often new business.  So if the majority of your new clients and solutions for your business are coming through relationships, referrals, networking, people who care about you, Then how do you get more?  So think of leveraging this rather than pumping money into marketing that may not be showing results.  Do a study of where you are spending your money and what is working. You might be surprised.

How many clients do I need to pay for it

When I have a decision to make with regards to anything, Whether it’s buying new products or in particular new marketing strategies I ask myself’ How many new clients do I have to enrol to pay for it.   If it is an achievable balance, then I take action and buy, often as not it’s only one new client. It’s a no brainer.

What is the cost of not doing it

If I do not change what I am doing then what will happen. Fear of change could be holding you back.  Consider this in your calculations. Can you make the change before it is too late to make the change? It might be a little awkward now but in the future it maybe impossible.

How much is your time worth?

When I first moved to the UAE, I remember seeing a client sit and haggle for 300aed (about $100).  He sat there for well over 2 hours back and forth.  I recall this gentleman was a General Manager of a company. I can only imagine what an hour of his time would be worth to his business regarding activities he had not achieved.  He probably saved about $20, and it cost him $500.  Still, I bet he felt good for winning.