As we get into the business growth groove we usually start to consume more resources either in the normal course of business or in attempts to get to the next level. Sometimes we are so busy in the growth mindset that we automatically invest in more and more resources without properly evaluating what we are doing. We can lose sight of being resourceFUL i.e. making the most of what we have and making sure each dollar is purchasing maximum value. I’m not talking about being stingy but taking a step back and evaluating what resources you are investing in and deciding whether:
- They are really necessary at all
- You can get better value elsewhere
- You can compromise on one resource to be able to spend on other resources
Here are some examples:
I recently discovered a piece of software that would incorporate three different systems into one system and save me $100 per month. I tested the system and invested time in transferring data over. The time spent was well worth it because I have been able to get better value on an ongoing basis. My new system is not as “pretty” to use as my old system, but I was willing to compromise on this for integrated functionality and dollar savings.
Many years ago I spent a lot of money on a graphic design for my business as well as business cards and printed letterhead. Not only did I move address and make my letterhead very expensive scrap paper, but my business has evolved as well. While my business cards still cover some of the services I offer, I recently invested in some new cards to cover my new coaching services. This time I created the cards on Vistaprint and got a short run printed and delivered for $50. Could I have used local designers and printers? Yes, but the savings I made by using Vistaprint far outweighed any service I would receive locally. And as I now know how to use my business cards for marketing, more than likely they will change quite frequently. Did I do a good job on the cards? I don’t know yet, but even if I didn’t, I haven’t wasted a lot of money.
We have been spending a substantial amount of money on printing cartridges and the quality of our existing printers was deteriorating so I decided it was time to invest in a new printer. I wanted double sided printing and a second paper tray for recycled paper. Research on the internet led me to my perfect printer at an investment of $650 including delivery. The same printer in Officeworks would have cost $1200, so that’s a “no brainer” isn’t it?!
What are some other examples? As we grow, learn and improve in our abilities we can sometimes “bring back in house” services that we may have outsourced. Don’t get me wrong, I love outsourcing but sometimes when going to that next level it makes more sense from a pure business and financial perspective to take this step. Sometimes our skill base improves so this option is feasible as well.
So what can you do? Scrutinise every transaction you’ve made in the last 6 – 12 months using the criteria above. Was it a necessary expense? Can you get better value for money elsewhere? Are you willing to forgo a particular resource so that you can invest in other resources instead? What decisions would you make if you were starting your business today, based on what you know now? Pretend that you’re starting your business from scratch, take a step back and revamp things using a fresh, more experienced perspective. It’s not enough just to keep an eye on your expenses. What seems necessary with your old mindset can be totally removed with your new mindset. So are you willing to question your thinking?
P.S. Want to learn more about being resourceful?
And do you struggle to get things done in your day? Are you super busy keeping up with all the “busy” work in your business? And what about those projects you’ve been dying to implement but can’t find the time?
Click to read about Bizfficiency. The program that will help you take back control over your life, reduce feelings of overwhelm and finally set your business on a growth path.