No one can argue that things aren’t… interesting… and a little challenging so far in 2020.
And, the challenging times are always good times to take a second look at different areas of our businesses (and lives).
I’ve been reworking my plan for the second half of the year. Because who’s original plan hasn’t gone a bit out the window at this point?
Part of my focus has been rethinking how I invest to grow my business.
It might seem, on the surface, like now isn’t a great time to make a new hire or expand your team. What if you look a little deeper though? And what if you get a little more creative in your approach?
There are so many ways you can continue to make smart moves to grow your business while lowering the amount you’re investing.
Let’s look at five examples:
1. Growing your team or investing in outsourcing
This can be a huge line item in the business budget. So if you see the need for team support – and the opportunity to turn your team into more cash flow for your business – how can you do that without a huge investment?
Consider hiring an intern through a company like Acadium. I’ve recently hired through their system after several of my colleagues shared how happy they were with the process. Or, reach out to your local colleges and schools to see if they’ve got students looking to develop on the job experience in your niche/industry.
If you’re working with freelancers, renegotiate contracts to move from hourly to project-based where you can create a clear ROI. Focus on projects that bring in cash flow. And reward your outsources as part of that. Consider flat rate per project plus a percentage of profits to create an approach that lowers your up-front costs, while rewarding your team for productivity and success.
2. Purchasing equipment and supplies
Don’t put off necessary purchases that will save you time, relieve stress or frustration, and help you be more effective in your business.
Not only will continued investments help you out come tax time, it’ll also help you stay in an abundance and growth-focused mindset.
It might be the little things (I recently got a new planner I love), or bigger purchases like the studio we installed in my home when the pandemic hit (check out SlingStudio and Rodecaster Pro).
Be smart, comparison shop, and look for smart deals. But don’t stop investing in your growth and next level of business.
3. Investing in education
Now isn’t the time to stop learning, either. Be intentional about your continuing education and growth.
Don’t randomly jump into programs just because they’re “closing today!” or you see a great deal… instead, look at your goals and then decide what is the next thing you need to learn to achieve those goals.
4. Getting strategic support
Do you have a solid plan to keep your business growth steady through the unsteadiness of 2020?
Economic downturns bring some of the biggest opportunities for growth!
This is the time to sharpen your marketing skills, focus on getting really good at sales by zeroing in on the true value your clients and customers get, and look for the new angles and messaging that will resonate and attract your ideal audience.
If you aren’t sure how to do that, get strategic support. Reach out for help–but be sure the person or team you reach out to has the skills to guide you.
5. Holding steady or expanding visibility and advertising campaigns
With so many entrepreneurs and businesses cautiously dialing back their advertising and quietly fading away from visibility opportunities… now is the time for you to leapfrog to the front!
Know your numbers on your campaigns and crank them up – instead of down. When there’s less noise, you’ve got a better opportunity to be heard!
And go after visibility opportunities. With so many “taking a break” or “refocusing”, it’s your chance to get out there and be seen!
That’s it. 5 ways to rethink your business growth plans. Get creative. Stay positive. And KEEP GROWING no matter what comes your way.
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