I have so many small businesses approach me who are not managing to make enough profit from their business, or even any kind of profit at all, that one of the first tips I have for them is cost management.
It’s harsh, but fair to say that if you haven’t earned it yet, then you shouldn’t spend it – not if you would love a successful business in future. It doesn’t just affect the bottom line, it also affects the energetics of the business.
Then it’s important to analyse your spending habits in the business and make sure that the percentage spent on each area is reasonable – plus that where possible it actually helps to move the business forwards, so there is some form of saving or earning from it.
This can be really tough when you are surrounded by adverts on social media all day long telling you that you NEED this new shiny course – they have the strategy that will sort everything for you and you won’t be able to succeed without it! Especially if you are a lover of learning new stuff!!
So here are my tips for how much to control your training or personal development costs (from a recovering addict for personal development courses and books!).
This is a slightly ironic tip for 2 reasons … My biggest vice is spending stuff on learning things – I’ve literally had to hand cuff myself to stop this addiction to new sparkly things to learn.
Plus one of my services is courses for small businesses and I’m also back doing consulting in the corporate market!
But even so, I firmly believe that us small business owners need to keep a strict tab on how much we spend – my new goal is to not spend more than 10% on training or personal development. If I want to do an expensive course/program, then I will need to earn more in order to do it. Plus I now keep tabs on those no-brainer priced memberships programs, as I had built up a large number of them and it all adds up.
When I do invest in anything now, I do expect a palpable return or saving. Whilst spiritual development is important, It’s not ok for a course/program for businesses to not be built around either saving you money or making you money.
Otherwise what it does is add to the pressure of making more money – and most small businesses already have enough of that! I think it’s reasonable to expect 5-10x your investment – that’s certainly what I aim to deliver or more!
Plus to help with new shiny object syndrome, I sit for a moment and think ‘Is this course a 100% Yes course?’ or am I interested because I’m worried about missing out or have fear about something? For me to spend my time on it, even if it is FREE, it needs to be 100% something I want to do.
Hope that tip helps, let me know what you think?
If your business needs a boost, I’ve got just the thing for you (yes, ironically I am now mentioning purchasing a course LOL!) – My Business Booster program!
Plus if you are watching this before the end of Nov 2019, it’s FREE for one more time starting on Fri 15th! But even after that, it’s really affordable, as it’s aimed at businesses that need a boost or are just starting out. Plus once you are in, you can re-attend any time (it will run 4-6 times a year).
You’ll get both a practical and energetic boost for your business and a health check to make sure there are no gaps that will cause you trouble.
The last group loved it so much, they are all attending again – check out their testimonials and more information here:
I really love this course, so I hope that it feels like a ‘100% Yes’ for you and I see you in there!