As small business owners, we’re faced with decisions, big and small, every day on how to best allocate our precious resources. When staring down multiple choices, how do you ensure your choice ends up on the “invest”, and not on the “spend”, side of your business? Do what smart business owners do — turn to strategic questions to navigate your choices smoothly and successfully.
The two most precious resources for small business entrepreneurs are time and money. As a result, it’s important to avoid squandering them by investing carefully.
Did you know the definition of the word “invest” means to “contribute money to make money”? It’s easy to see why business grows when resources are invested — not spent.
Whether we are looking to invest in new equipment, additional staff, marketing tools, or something as simple as a new app, the use of strategic questioning guarantees smart investments.
Although it’s best to design strategic questions geared to your individual business and situation, here are 6 questions to consider before making a choice on whether to invest or spend your valuable resources, no matter how large or small.
- What is the outcome I’m intending with this decision?
- Does it advance my company’s mission and vision? If so, how?
- Is it aligned with my strategies?
- What is the impact on my company’s brand?
- Which business goal does this choice advance? How?
- Where does this fit into my budget?
And, if “time is money” and an investment of money creates time…
- Does this choice save time?
- Does it create time? If so, how much?
- What is that time worth?
- How will I reinvest that time?
There you have it! Is your choice an investment or is it an expense? Using strategic questions you can rest assured your decisions land on the asset side of your business.
Simple, isn’t it? Which also explains why making time for strategic thinking in your already busy week is one of the most important meetings any small business owner can schedule.
So many questions…so little time
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