This week I've had the pleasure and talking with several entrepreneurs locally here in the Rock Hill area and there's 2 different schools of thought that I'm finding regarding their businesses. One is the worry or fear about every dime in the business and the other focuses on investing in growing their business.
The amazing part is so many entrepreneurs that focus on every single dime in the business are actually leaving money on the table, how is that so you ask? You see if you're too busy focusing on nickel and diming your business than in many cases you don't even see the potential for increased revenue that you just walk past. If you look at a business where somebody is focused on every little dime and questioning anyone they pay if they really gave them what they paid for, is probably not making very much money in their business. Most people that focus on money are suffering from a poverty mindset.
You see in business we have to take those steps of faith in order to move forward, we have to be willing to take chances and we need to trust the people that we bring into our life. I am not saying here that you do not have to be a good steward with your money, what I am saying here is if you are only counting the change then you will never find the $20 bills.
This is kind of like the movie Indiana Jones The Last Crusade, where Harrison Ford is in the cave going after Holy Grail as his dad lays dying at the other end. As Indiana Jones gets to the last steps before he is to find the Holy Grail he looks down and realizes there was no footpath, there was no bridge, just a very long drop to the bottom that he could not see. Indiana Jones has 2 choices at this point he can turn around and give up, or you can have faith and step. This is a great visual to us as entrepreneurs as sometimes we need to step in faith and trust things we cannot see.
You have to be willing to invest in your business and trust the people you bring into your business with you. If you can't trust them than they should not be involved with your business. You have to be willing to understand that you will spend money to grow your business, you do have to hire support people to help grow your business and micromanaging them as you would in corporate America is the fastest way to have anyone walk away from you and your business.
It is a fine line with money and your business because many schools of thought say you have to act as if you have, and run up debt. There are many business coaches that teach that philosophy, our government runs on that philosophy, however you need to operate your business as you do your household. You have to run the business within your means and work to grow it so that you can invest more to continue to grow the business. If all you are doing is questioning anything you invest your money in you are definitely leaving money on the table from potential business because you are so focused on where that last dime was spent.
I want to challenge you today if you are functioning in a poverty mindset with your business or a mindset of lack, that you step back and think about: entrepreneurs that are making 6 figure and multiple seven-figure incomes are constantly investing in their business, they are giving back to the community, they are showing gratitude to their team and to their clients and they are not building their empire alone. If you are setting their and questioning why it took someone an hour to do something that took you 2 or 3 hours to do, then shame on you. You've probably left thousands of dollars on the table from potential clients or customers all because you were so busy judging someone else on their work even though they didn't much quicker than you ever could.
The key to a successful business is constantly seeking ways to grow the business, get more exposure and give back to your community. If you are seriously walking around worrying about the next dime someone is billing you for I challenge you to step back and think about it: what if your clients challenge you over everything you do, do you really provide the services you promised your client. You see because the one thing I find with entrepreneurs that nickel and dime everything, they complain about everything are usually the ones that are promising undeliverable things to clients in order to make more money. I also challenge you if you're trying to talk someone out of their pricing because you don't want to spend the money or invest the money, to ask yourself what if that was me? What if I was on the end and my clients wanted to talk my pricing down? Would you?
You see the most successful businesses out there are investing in their business, they are not living in fear of where the next dollar is, they are not negotiating prices down for services provided, they are not treating their clients like dollar signs.
Would you need to be frugal and what we do with their businesses but we do not have to be cheap. An example of cheap is someone who is always looking for the free from a business coach because they do not want to pay them, they usually have 6 or 7 free events are going to, their attending every free workshop there is and they never invest in anything grow their business. The funny thing about these people is a charge a lot of money for what they do and expect people to pay it, while they refuse to pay for services.
As I challenge you today to stop looking at every single nickel and dime in your business, start stepping in faith, and invest in yourself and your business so you can become successful in what you do.