Are you an entrepreneur who likes to make investments in your business?
Investments can be a huge step in growing your business, but what do you do when they don’t work out as expected? Failed investments can be disheartening and it’s easy to start beating yourself up for it. I know I have! And most entrepreneurs have been there too, my friend.
But here’s the thing: Just because it’s working out for somebody else, doesn’t mean it’s necessarily going to work out for you (and that’s okay!)
Here are 3 keys things to keep in mind before making investments in your business:
- Understand what’s working for your business – Check your Return On Investment (ROI) on the different parts of your business. Whether you’re doing your online courses, services, consulting work, mastermind your hosting, or like those affiliate commissions that you’re getting, you have to know what’s giving you revenue and get rid of what’s not generating a return.
- Pick one thing at a time to go all-in on – If you want to launch a service, put your 100% effort there. If you really want to get the most out of a mastermind, then join one and get everything you can. You have to soak up all the knowledge there rather than joining different courses at the same time and get distracted.
- Look at your Forecast and your Future You – Think about your biggest goals and work backward. Ask yourself if this is the thing that you want to invest in towards that larger goal. Your decisions can be based on your business forecast and where you see yourself in the future.
So if you ever feel lost or like you’re not sure about a decision, go back to these key points. And remember, it’s okay if something doesn’t work out the way you wanted it to. We can always learn from our mistakes and that’s how we grow!
“If you feel like you’ve made an investment in your business that has not panned out the way you wanted… Don’t beat yourself up about it. Take what you can from the experience and move on.” – Stephanie Skryzowski
What you’ll learn in this episode:
- My personal experience with failed investments
- Importance of setting up your Business Goals
- 3 Key Things Before Making Any Investment
- How to stay positive and to learn from investment fails
More resources to help secure investments in your business:
- How to Make Decisions Using Time vs. Money Margins
- 7 Best Business Tools to Boost Efficiency & Profitability
- An Easy Money Manifestation Tip
- Slow Down to Grow Your Business Sustainably with Jeniffer Morilla
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Are you feeling stuck with what to do next to manage the money in your business?
Maybe you’ve logged into QuickBooks once or twice, but got instantly overwhelmed. Or you started to set revenue goals, but don’t know where to go from here. Maybe you simply know that managing your numbers is the right thing to do, but you don’t know what that actually means. Don’t worry, friend! I’ve got just the thing.
Managing Your Business Finances Like a CFO is my brand new 10 step checklist that will help you manage your business like a CFO without making it your full time job.
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