Get More Out Of What You Have
Most small business owners “play the game” based on the amount of chips they have.
It’s true, the amount of cash you have to invest is a major asset, but it’s only one asset and only part of your overall capital.
Liquid capital can be the difference between closing and staying open. Paying rent, employees, insurance and all the other expenses that go along with running a business is in a sense, your first priority.
Assuming the bills are paid, the average business owner is leaving a ton of money on the table by not capitalizing on all of the capital resources available to them.
Is your capital an investment or just a way to pay the bills?
You’ve heard the term, it takes money to make money.
Money sitting around isn’t helping your business. Instead of waiting for things to happen, make things happen by investing your financial capital into marketing and building up your other capital.
Good marketing generates more revenue and investing in your other capital maintains that growth.
The 3 Types Of Capital To Invest
- Financial Capital – Nearly all of your competitors are solely focused on the amount of money they have in the bank. Unless your planning an acquisition, put your money to work by investing in your other capital or expanding effective marketing campaigns to generate more customers. Even better, invest in developing complimentary products and services to develop more profitable long-term continuity.
- Human Capital – Your employees are at the front line of your business and are almost always the reason a customer has a bad experience. Invest in better training programs and give your staff more responsibility and room to shine. Figure out what your best employees do different and add that information to improve the skill sets, competency, attitude, and aptitude of your staff.
- Intellectual Capital – Did you start your business based on some intellectual capital and stop innovating? Get back to investing in what made you stand out in the first place. Competition can only keep up if you stand still. Make a commitment to turning your unique knowledge into a competitive advantage.
Put your financial capital to work for your business.
Instead of stockpiling revenue for a rainy day, expand successful marketing activities, provide superior service through better training or develop a competitive advantage by strengthening your intellectual capital.