Five Investments All Small Business Owners Should Be Making

And The Two That Should Be Obvious May Not Be To Everyone

Seemingly born with an entrepreneur’s mindset, I put my money where my mouth was three years ago by turning my side hustle into a legal LLC. That business died a merciful death last year, but a new business is currently in the early stages of birth. From my first go as a small business owner and operator, I learned some critical lessons in the right investments that must be made to ensure the proper operation of a business. The five investments listed here are key to small business success.

Investments In Your Business: The second most obvious investment that every small business owner should be planning on making from day one is investing and re-investing into the business itself. Equipment will become obsolete with enough time and will break down at the worst possible moments. Investments in your company help you plan accordingly for the potential disasters, and well as take advantage of possible windows of opportunities.

Investments In The People In Your Business: The greatest asset of any organization is the people who press the buttons and shuffle the papers to allow for things to happen. Investment in the people who make the activities and processes of your business are musts. It will help them improve upon their abilities to work for you. It will help them improve upon their abilities to allow them to eventually work for other people, and even themselves. It will help you recruit new people to replace those who have moved on if they know just how much you intend to invest in them.

Investments In Your Allies: Just because they are not on your payroll doesn’t mean they are not contributors. Any person outside of your business that offers support is an ally. They could be suppliers or subcontractors. They could be mentors and advisors. They could be similar minded businesspeople working to keep the mechanics of commerce open. It could just be members of your family or circle of friends. Allies need your support, and you should do everything in your power to offer support.

Investments In Others In General Society: There is a current debate in the world of business about the notion of ‘giving back,’ specially who are you giving back to, what exactly are you giving back, and why should you bother or care. In the end, as long as you are contributing, the reasons, whether selfish or selfless, don’t particularly matter. Just because is as good of a reason as taking on the mantel of the well-being of a particular group. This is assuming your goal is adding positive actions to the world. If your goal is actually nefarious in nature, be careful that this investment does not mature to become the source of your undoing.

Investments In Yourself: The seemingly most obvious investment that every small business owner should be planning on making from day one is investing and re-investing in themselves. This is usually the last target of investment for great leaders because most look to sacrifice themselves for the good of their people and companies. It is an alarmingly disproportionate target fr horrible leaders who look to take all that accolades and glory from their companies’ efforts, but very little of the responsibly or blame from their companies missteps. Small business owners should take care of themselves first to ensure that they have the capacity to take care of themselves.

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