by Kelsey McKee of IncentFit
As an entrepreneur, the way you spend your money could make or break your business, especially if you’re self-funded. Being strategic about where we spend our dollars as entrepreneurs is integral to the sustainability of our ideas. Investing in the wrong things could drain your resources and limit your decisions and capabilities as a business. On the flip side, investing in the right things can ensure fruitful returns and long-term success for your business.
So after nearly two years full of tough decisions and sacrifices, we wanted to discuss five areas worth investing your time and money into as entrepreneurs to help you enter this new year confidently and strategically.
It doesn’t matter if you’re a seasoned business owner or are just now launching your first business today, your time is extremely valuable at any stage of entrepreneurship. It’s best practice to give your time to the areas and tasks where you provide the most value and automate and/or hire for the rest.
In today’s digital-first world, technology is more accessible to both developers and users than ever before. Which also means that there are more options than ever before for the programs we use to run our businesses smoothly. We’d recommend first thinking through all the tasks and aspects of your business that can be automated. You can then prioritize these tasks by level of importance and the amount of time they take to do manually. Determine a budget and invest in the tools for your highest priority tasks within your budget.
Networking is one of the most effective ways to get the word out about your business and build relationships as an entrepreneur. But additionally, and maybe even more importantly, networking is extremely valuable to us as individuals. Entrepreneurship can be lonely and it’s important to make time to socialize and interact face-to-face with like-minded individuals from time to time.
Connecting with fellow business owners and professionals in your industry, whether it be in an online community or a local happy hour event, can help to keep you feeling inspired, motivated and less alone. It can be refreshing to discuss with people who understand because they’ve experienced the same feelings and situations themselves.
So in addition to attracting new business and potential partners, networking can provide a community and sense of support to help you stay motivated when the less glamorous parts of entrepreneurship kick in. You may not see an immediate return, but investing your time and money into networking this year will help ensure long-term success for you and your business.
3. Health and Wellness.
As the passionate, creative, self-starting individuals we entrepreneurs tend to be, we can have a habit of prioritizing our businesses above all else. Finding a balance when the success of your business is heavily or fully dependent on the attention and effort you give it can be difficult. But ignoring your needs when it comes to personal health and wellness can be more harmful to your business than missing a deadline.
Investing in health and wellness for yourself and your employees can produce a fruitful return in a multitude of ways. When we feel our best, we’re able to do our best work. Making sure your mental and physical health needs are being met can enable you and your team to can support better focus, creative thinking, more energy
4. Back Office and Processes.
A business without consistent, streamlined, effective processes isn’t sustainable. It’s even less sustainable when these processes aren’t documented for the people carrying them out. This year take some time to think through all the processes your business requires. Outlining them thoroughly and concisely will not only make onboarding new employees much quicker and easier, but it will also enable you to identify areas for improvement and fill gaps in your processes.
5. Developing Skills and Learning New Information Relevant to your Industry.
Staying up to date on news and advancements in your industry is an integral part of staying ahead of the curve and standing out against competitors. There’s an abundance of resources, courses, podcasts, YouTube channels, industry-relevant news media, newsletters and websites you can subscribe to, but utilizing the wrong ones can be a major waste of time and money.
In 2022, be strategic and selective about where you get your information. Choose a handful of your favorite reputable sources that you check daily and set aside a certain amount of time each day to read, listen or watch new videos, articles, podcasts, lessons, etc. Learning new skills can be a great way to better understand your hiring needs and how to communicate your needs with more members of your team.
Kelsey McKee is a Content Marketer at IncentFit, a health and wellness benefits company that makes it easy for employers to pay their people to do healthy things. Additionally, Kelsey is the founder of a tech-based social media advertising platform for small brands and businesses. She is a cultivator of connection and creativity, bringing people together through strategic storytelling.