Written by Ian B Nathan
Do I need investment to keep my business alive?
That’s usually the first thought when discussing business growth; Investment. As my fiancée would say, sometimes it might be easier to throw money at a problem! However, it would pay to first decide what your problem actually is.
- Do you need investment to kickstart your business?
- Do you need tasks completed but don’t have the payroll capability?
- Do you need to make your business more efficient?
It’s important to note that investment is more than a just financial outlay. More often, it pays as much to invest in expertise with the capability to address your business problems.
The first step is always a step in the right direction.
The economic landscape is rife with opportunity for businesses of all sizes and types. As mentioned in my previous article, I would advise anyone to put a fresh look on for a new season. Ideas are always a good start! (Be ready for a ton of bad ideas, naturally)
This is especially true for small businesses or single proprietary companies. Having the confidence to identify areas of improvement will inevitably lead to more solutions presenting itself.
For example, if a financial investment is needed to grow your startup business, should it be used to build an automation system that completes essential tasks effectively? This automation boost could allow you (the business owner) to delegate, using your time more effectively to maintain other areas of the business.
Many hands make light work.
As a business owner, I’ve always found ways to implement credible investment policies that generate growth. I believe it’s also useful to choose investments that utilise partnerships and collaborations, bringing in creative and knowledgeable minds. This almost always has a positive impact on a growing business.
A great example is the co-development of services by Toyota and Microsoft, partnering on data science applications and artificial intelligence software in vehicles. Being two giants in their industries, their combined knowledge and expertise would go on to create a substantial version of the service offered.
A partnership like this could do wonders for a small or medium business looking to take the next step towards growth and sustainability.
The best investment? It starts with lengthy chat & a cup of coffee.
I’ll be the first to admit that my expertise is always ready for an upgrade! More importantly, I am passionate about working with business owners to identify areas of improvement and to build solutions that work.
When it comes to human or capital investments, I believe it is necessary to conduct an extensive deep-dive session with all prospective partnerships. It’s a great way to identify pain points, discuss creative strategies and establish a commitment to solutions. There’s a reason it’s the first step in our process (our investment to clients).
Soar360 focuses on collaboration (we enjoy challenges). Our goal is to collaborate with you, to develop unique solutions that contribute to your success (and ultimately, ours).
Tell us your story. We’d love to get in touch. It’s ian@soar360.com.au.
