Many entrepreneurs can miss the forest for the trees. They may be caught up in the trenches that they miss the business development opportunities around them, just beyond their direct gaze. Running your business on a day-to-day basis can be time-consuming, and you may believe that you don’t have the capacity to do additional tasks, or perhaps you push them off for a “better time” at some unknown date in the future. Kicking that can down the road is not the answer. There is a cost of doing business, a necessary cost of building your business. This cost is best positioned as an investment in your business, an investment in you as well.
In order to grow professionally and the bottom line of your business, it is essential to invest in you and your professional contacts.
Take a moment and think about what you want and expect in a service provider. What would make a positive impression on you? What type of company and people would you most like to work with? What do they do that you like? Take some additional time to consider where they are and how they got there. What they stand for. My hope in this blog is for you to see that with some thoughtful investment of funds and your time, you too can offer a powerful experience for your colleagues and clientele. It’s the cost of doing business.
Having been a Realtor for the better part of 15 years, I know what it is like to build a business, a brand, expertise in a line of work, and the importance of trust with others. I also know what it is like to bootstrap along the way, making decisions with my own money and how to execute the use of it best. Fear can creep in. Fear in whether the expenditure will serve my professional growth and business. Our minds can quickly jump to an objection about the potential investment, perhaps seeing it as an expense that may never be returned. My challenge to you is to consider where you want to go in your career, what that looks like and what tools and insights will best serve that commitment to your future self and business. I have listed a number of investments that I can think back to that really helped me build my businesses. By no means is this an exhaustive list but my intent is to get you thinking about which investments can move the dial,
Worthy Investments In You & Your Business:
Education:
It seems that a university undergrad is the new high school graduation and that a post-grad (i.e., MBA) is the new undergraduate degree. But let’s step beyond university and college for a moment. Let’s look at the importance of continuing education that serves your specific needs as an adult and professional. Explore which books, courses and speakers can impact your views and expand future possibilities for you. We all have our current limitations when it comes to experience and knowledge, by following someone else’s path as stated in a book or course can help expose us to new ideas and modes of success and professionalism. Whatever you learn will serve you in the immediate and long-term. The more that you learn, the more opportunity you will see and the more that you will be able to help your clientele.
Marketing:
First off, let me disclose that I grew up in the advertising world. I have a strong bias towards the importance of brand strength, advertising and marketing. Frankly, this isn’t as hard of a sell as it was 15 years ago, most people now understand the importance of marketing – if the world doesn’t ever hear of you or your company then how could you possibly build your business? Even if you are in a bootstrapping position, it is essential to market the business. But, do it consciously, consider:
- Who your demographic is
- Where are they looking?
- How do they want to be spoken to?
- What do they want?
- What needs do they have?
- How much do you want to spend to get their attention?
- Is that spend appropriate enough to get their attention and move them to hire you? Fearing this expenditure is a big no-no. Every great company in the world has built its brand on solid marketing.
To circle back the education point above, follow the path that has worked for others.
Photos:
Good quality phots dovetail nicely into marketing. Once again, this is about public perception. These photos may be of product, employees, or lifestyle. Keep in mind that this is likely the first interaction the public will have you and your business. What do these images say of your offering? It is essential to demonstrate what you stand for in terms of quality and professionalism. Do not cut corners here. Also, if the company hasn’t updated images in over ten years, please, for the sake of your bottom line, invest in more contemporary pictures. This will go a long way toward improving your bottom line.
Client Gifts:
We are all human, and we can all appreciate it when someone thinks of us. We all want to be considered special in some regards. Giving a client gift can impact the recipient in a positive way. It may be a handwritten card (which can stand out as it has seemingly become a lost art) or an email with an article that you thought may be of interest to the client. The key here is to be thinking of others, to consider what matters to those you wish to be in contact with. Sending a book with Amazon Prime to a client is also another way of expressing that you thought of them and their business challenges – in addition, it also shows that you care about growing, professionalism and others beyond yourself. At the end of the day, we are all human; most would rather work with someone that they like and respect.
Coaching:
Hey, I had to put this one in, it’s my business after all! Kidding aside, I genuinely mean this. I’ve worked with a few coaches over the last 15 years. I cannot emphasize enough what a difference it has made for me personally and professionally. It made a difference at the time, and those insights have stuck with me and have impacted my business positively for years. Having a thinking partner who has an objective view of what is happening in your life and business can be hugely beneficial. Someone who asks thought-provoking questions can open up new ideas and possibilities while also encouraging you to grow and expand. There is no doubt that working with a growth-oriented, empathetic coach can really improve how you go about your business and ultimately make a difference in your leadership today and in the future – good leaders attract and keep great talent which will help ensure that the business is strong and can grow over time.