The ole’ adage is true – you have to spend money to make money.
For us at my company this has continually looked like discussions where one of us will say, “We have to spend on X”, and the other says, “I don’t think we have the money to do that”, and then the other will respond, “I don’t think we can afford not too.”
And that’s how it goes in business. Especially in the early years, calculated risks on an on-going basis are your lifeline. You’ll never have the money to grow like you want too, or need too. To beat the growth curve, you have to spend even when you don’t have it on activities that are going to result in immediate growth in sales and expanded user base.
It’s illogical. It’s terrifying. How do I make a decision that could literally sink this ship we’ve been struggling, striving, fighting to build day after day for years now? How can I know that the right decision is to do something we can’t afford to do in hopes it will pay off? You can’t. You can only hope that you’re right, and take the risk.
For us, it’s paid off. Every time, by the grace of God, we have made it through, even when we think the next decision could flip us over and fill our bow with water. We’ve continued to grow, expand, and make it one more step forward.
But it’s all about risk and reward. The more risk, the more reward – or piling heaps of life sucking dung. But that’s life. Paralyzing fear isn’t doing you any good. So spend those dollars!
Don’t sit still. You can’t stop moving, stop growing.
If your business isn’t growing, it’s dying. So don’t think you’re preserving your business by guarding every single dollar. You’re not. You’re probably killing it anyway if preservation and not growth are your objective.
Most people say that anything in business is possible if you have enough money. But money shouldn’t be the reason you can’t make your next business objective. Think about what you need to do strategy wise to grow. Take money out of the equation. Just think about what you need to do, put a plan together, and then do it and trust that it will pay for itself.
Again, it’s illogical. Having been through it over and over again now, it still seems ridiculous – but it’s been true for us time and time again: You have to spend it before you have it so you can have it.
Take your own risks. Run, don’t walk. Take notes along the way.