Invest in your business? Save your money? When to do both!

Hey there friends. So good to see everybody happy Friday Eve Day to everybody. I've got Facebook in the house, LinkedIn and I’ve got Instagram up here on the camera. Hope everybody can see me Ok.

Are you asking yourself when should I invest in my business and when should I save? Yeah, me too. I have asked that question actually alot in the last few months. So we're going to talk about that today.

But first I'm Tracy Beavers. I'm a business and sales coach and my passion is helping you the small business owner, solopreneur and salesperson gain confidence and know that everything you are doing. Every single day is going to grow your income. Because I mean otherwise why are we in business, right? So if you're live here with me, drop a one in the chat. I'm so excited to have you join me live. If you're catching the replay. I love that too, type replay in the chat.

And as always, if there's something on your mind from this past week or the week before. A question you've got. A struggle you had. Something on your mind throw that in the chat too and we’ll work on it together and if you're kind of shy and don't want everybody to know what you're struggling with, send me a DM. There is zero judgment here, only support and I'm gonna cheer you on and help you. So, I'm gonna check the comments on Facebook Live at the end, because otherwise I'm going to get distracted in my brain is gonna shut off.

So let's talk about this hot topic. When to invest and when to save. It's something that fellow business owners that I discuss a lot. And as I mentioned, it's something that I have been thinking about myself from my own coaching practice. When do you know it's time to spend some money? Or to tuck it away for savings. There are little expenses that pop up, like maybe a new subscription software program to a CRM system. Then there's the big stuff, like if you're thinking about adding more equipment or leasing a space, maybe getting a second space, or hiring a social media manager. You know those things can be bigger ticket items and you know, those are things that I'm thinking about.

Like I said, I'm considering hiring a VA for my coaching practice and I'm considering hiring a social media manager. But holy mackerel, that's expensive and it's scary because what happens if they take my money and I don't get the results I want? Or what happens if it just doesn't convert, right when you spend the money you wanna see the conversion? But the reality is, if we're going to grow, there are going to be times to spend the money and invest in your growth. That's what I'm talking about.

Strategic investments in yourself and in your business are going to get you there faster. I want to throw out a disclaimer here because I am not a CPA. In fact, I started into college thinking I wanted to go into accounting, quickly realized that was not for me. So I'm not a CPA and I'm not an attorney and highly suggest that you get one. That's something I talked to my clients about at the first meeting. Do you have a CPA? Do have an attorney because those people can also guide you on when to spend and when to save and do it in a very strategic way.

So let me ask you this, is the money that you're thinking about spending in your business. Is it going to increase your visibility in your target market, in YOUR target market? Not anybody else's target market, but yours? You wanna do your market research. You wanna know where your demographic is hanging out? You wanna know what money can you can spend to gain you visibility with that target market? Are you looking at radio, TV print ads? Are you looking at social media buys? Are you looking at a billboard rental or a larger signage for out front of your business? Wraps for your company car? I mean, all of these things can be really great if they're actually going to reach your demographic. So just because you're, let's say your best friend. It's a similar business to you, and he's gone and bought a lot of trucks and gonna wrap them all in his logo. You have to ask yourself if that is also for you.

So just because other businesses are doing it doesn't make it really smart. You gotta ask, are you going to reach your people? Do your research and then you have to track that conversion to make sure it's working. So let me ask you this, is the money you're going to spend going to save you valuable time and free you up and free up your time so you can make more money.

There are so many great ways to automate your workflow. Anything that is repetitive you can look into outsourcing for free or low cost and were talking about email newsletters, were talking about booking your appointments, order fulfillment, shipping, deliveries and entering client notes, answering the phone or answering DM’s in social media. If it's something that's repetitive. Ask yourself as you move through the week and you're doing these tasks. Can this be done by somebody that's already on my team? Because you're already paying them an hourly wage or salary and they may be thrilled to take that over for you, and they knock it out of the park.

Or, if you're like me and you are the team, the team is made up of Tracy, Tracy and Tracy. So if you are the team. Then I have to ask myself and this is what you want. Ask yourself, can you hire it out or can you hire it out for free or low cost? So that's super important and then number 3. Is the money you're thinking about spending? Is it going to create an awesome company culture? Let's talk about that for a second, especially in the environment we're in right now, where it seems like everybody is fighting for the same pool of employees, and employees are very hard to find. If you have employees. Listen up because you know how hard you worked to find them. right. And you want them to never think about leaving you, ever. You know how hard you work to find them. That right employee is the best employee.

Now you have to work to keep them. I want you to think through ways to create such an awesome working environment that they would never think of leaving you now. I'm not talking about massive signing bonuses, and I'm not talking about breaking the bank on holiday bonuses or anything like that. It doesn't have to be monetary. There are so many low-cost ways to demonstrate to your team how much you appreciate them and free ways if you think about it. Maybe there's a local restaurant you could collaborate with and you could say hey, could I exchange some of what I do to give to your team and you could exchange gift cards from your restaurant to what to my team and it doesn't cost either of you anything but you have made teams feel really great.

Loyal, engaged employees. I want you to hear me. Loyal and engaged employees are just as valuable to your organization as loyal and engaged customers. I mean, am right? Somebody scream amen in the chat. So you know this already if you keep doing what you're doing, you're going to keep getting what you're getting. I want you to be confident every day that the decisions you're making are gonna grow your business and your income.

And I mentioned last week I've got something super fun coming up for you guys in the in this group, in this group right here you don't have to do anything else or go anywhere else in this group right here. Although on LinkedIn you gotta come over to Facebook group and on Instagram you gotta come over to Facebook group. But in the Facebook group June 7 to June 11, I want you to mark your calendars now because we're going to do a five-day workshop and it is going to be awesome information to really help you in this quarter.

Don't go it alone. Being an entrepreneur is hard. You've heard me say that a million times. Some days everybody wants to buy what you're selling and other days nobody wants to know your name. But here's the thing. If you think you're alone, you are not. I hope that these weekly lives are a benefit to you. And if you're as I mentioned, if you're catching this on my Facebook business page, on LinkedIn or on Instagram, come over to the collaborative, supportive community group I've created on Facebook. It's called, Be a Confident Entrepreneur, Gain Confidence and Grow Your Income. Jump in, join us, introduce yourself post and ask us everybody in the group how we can help you grow your business. I want you to have a great balance of the week. I can see the weekend from here and I’m super excited about it and as always, I'm here for you. And if you wanna discuss coaching and what that looks like and what we can accomplish together, send me a DM or contact me through my website and we can talk about it. When one of us rises, all of us rises, so let's keep cheering each other on.

I'm gonna go look in the comments, Oh my gosh. Hey everybody, OK, so a lot of these say Facebook user so I don't know whose names they are. But thanks so much for popping on live with me guys. That means so much to me oh I see Langston, hey Langston, how the heck are you and somebody said I always share valuable information and I'm fun. I hope I'm fun. I think I’m fun. If you ask my kids they're probably gonna tell you I'm not very fun. Chad, good to see you’re here. If you need a Courier, Chad. Sharon author extraordinaire. Thanks so much for joining me, you guys and Chad just said one of his expenses was having me as a coach. Well, let's track that conversion, when you spend that money let's track that conversion right? Make sure that you're getting your money's worth. I don't know who just said I'm fun, but I love you. It just says Facebook user so I don't know who that is. But you guys have a great great rest of the day. Happy Friday Eve. We don't have very many plans this weekend and I'm kind of excited about it. I will talk to you guys soon. Let me know how I can help you.