I want to offer everyone a simple but important exercise to do this weekend: write down what investments you plan to make in your business for the rest of the year to improve it. This list could be small or complex.
We all should be continuously investing in our businesses to try new things that will hopefully work and help in the future. These investments could be anything from new employees, new marketing programs, new equipment, new products, etc. What is on your shopping list, and what are you willing to invest in your future?
There are a few other questions to consider. What returns do you expect from these investments – both in top-line sales and profits? And also, what is the risk to the business if your plans don’t work out as you hope? And based on these investments, where do you hope your business will be three years from now?
If you are so inclined, please work on this model, label it Plan A, and put it on the side of your desk. I will be back to you with the next steps in the process sometime next week.