“Many people make the mistake of thinking that all the challenges in their lives would dissipate if they just had enough money. Nothing could be further from the truth. Earning more money, in and of itself, rarely frees people. It’s equally ridiculous to tell yourself that greater financial freedom and mastery of your finances would not offer your greater opportunities to expand, share, and create value for yourself and others.” – Tony Robbins
You betcha! Today, we’re talking about your financial investment in your business (and I promise not to use my Sarah Palin voice). For the past two weeks, we’ve gone over various other investments in our business, all to have it funnel down into today’s discussion about money. Where you put it, what you do with it and how you spend it as it relates to your business.
I used Tony Robbins’ quote above to demonstrate one simple fact: you won’t be happier if you have more money. So here, at the beginning of our discussion of your financial investment in your business, let’s agree one thing: making more money isn’t the goal of your business.
When you consider your start up costs, overhead, ongoing expenses, payroll and whatnot, the dollar figure can be staggering. You work to sell more, do more – any kind of more to generate cash. The truth of the matter is: do you really know where your business investment dollars are going?
Here’s a checklist I use to evaluate the dollars coming in and out of my business:
What will this benefit?
Do I have/need data to justify the expense?
What is my long-term goal for spending this money on my business?
This is a checklist you can go through even BEFORE starting your business! Every financial aspect of your business should be calculated and understood. If you understand what’s coming in, where it’s going and why, you’re on the path to creating a nimble business. One that can shift with you – grow with you – as your business grows. And back to the idea that your goal is to be successful and not make more money – you can only be successful if you build a solid foundation. Your intellect, emotions and money must all come together and have tea (and regularly!) and be honest about what they’re all getting from one another.
Money ill-spent insults your intellect and causes a break-down in emotions.
Empty bank accounts leave you emotionally stressed and make you wonder how you’re ever going to monetize your knowledge and skills.
So here’s your action task for the day: take 20 minutes and be honest with yourself about where your money is going. Maybe use the checklist above. Ask yourself: does the way I invest in my business honor both my intellect and my emotional well-being?
And on Thursday this week, we’ll look at all of your investing methods in a combined light. There’s a beautiful synergy you’re building through this process and at the end of Step 8, you really will understand why I called this series The Best Business Investment You Can Make!
Miss a post in the series? View them all here: Business Investment Series.