Sometimes it’s inevitable, especially as an entrepreneur, that you wear ALL the hats in your business. You’re the banker, bookkeeper, web designer, secretary, sales person, and the practitioner. And that’s just the start. I didn’t even mention managing all of the other duties that are much too long to list.
Sleep is a luxury, you can’t justify dining out, and by the time you calculate all of the hours you’re putting into your business you’re making chump change. (Which explains the sparse dining out!)
But your hard work and sleepless nights do start to pay off and eventually you start making money.
This point is a crucial decision making time in your business because if you do what most people do, which is get excited about finally having money and go on a spending spree, you may find yourself right back in the hard work sleepless nights lifestyle again.
But there is something else that you could be doing with your money that will give you a much greater return, and that is to re-invest it back into your business.
Sure, have a celebratory banana split or whatever it is you want to indulge in to celebrate but for the most part, put that cash right back into your business and make it work for you.
Want a good suggestion?
Invest it is something, or someone, that will allow you to turn around and make more money.
For example, when my cash flow actually started to flow, instead of giving myself a paycheck I decided to give it to someone else who I knew would help me get a greater return on that money.
I hired an assistant so that I could get a greater return on my time. I looked at areas of my business where I didn’t necessarily need to be at the forefront and at areas that were indirectly related to revenue. I delegated those areas and this freed me up so that I could work on the direct revenue generating areas that would grow my business.
I finally had chunks of focused time to work on my marketing and networking; I was able to pay her AND I was getting clients faster than when I was a one-person show. It was a win-win and one of the best decisions I’ve made for my business.
So, even if you’re not making a profit, figure out how you can bring someone on board and delegate some of your time-consuming activities to him or her. Consider an intern, a hired assistant, or someone with whom you exchange services.
Your return on investment (ROI) of your time and money are equally important so have a strategic plan in place that will help you and your team member make the most of both.
Before you know it, you will have a full team in place, and you’ll have a paycheck really worth celebrating at that nice little bistro you’ve always wanted to try.