Q: How Can I Spend Money to Make Money?
A: Dear Business Owner:
Great, and very important question. If you want to increase your top line revenue, you’ll likely need to increase your expenses as well. Not all expenses are bad. Shift into the question of how can you best invest money to have greater outcomes in your business and you’re likely to get to the right result.
Productive expenses that are high ROI investments can include:
Rainmaking Expenses. These are expenses that pay for themselves so long as you have a strategy for converting leads into paying customers or clients. Investing in ad campaigns, marketing strategies, and talented employees who can sell your products and services are great ways you can make money by spending money.
Protective Expenses. Protecting your investments, your family, and your productivity is worth every penny. Certain expenses, like retaining an attorney and putting six months’ savings in the bank, can protect what’s most valuable and reduce your worry and time dealing with things that are not yours to do, which can boost your overall productivity.
Lifestyle Expenses. Recharging your batteries with a memorable vacation or special experience and sharpening the saw is money well spent, so long as you’ve got an operational revenue model that supports your growth in this area.
Good expenses, like the ones above, can make money by bringing in business, helping you avoid costly mistakes, and keeping you in top mental shape.