No investment = no return, and this applies to business as well. One of the most common mistakes business owners make is viewing their business as a static entity that can thrive and scale on its own. Instead, your business is a living and breathing entity that requires nurturing to grow.
Think of growing a plant by planting a seed and simply putting it in a pot. Without soil, sun, and water, the seed will never grow into a plant. All these necessities require effort, time, and cost.
Investing capital in your business usually gets all the attention, but investing time is equally important. While you can easily document how much money was spent and where, can you accurately tell how much time you spent on your business?
Investing time in your business has numerous returns that money cannot buy. For example, developing your business' policies and procedures guideline helps ensure your business direction remains in line with your mission. Creating specific goals and milestones and developing your product and services are also valuable investments.
Of course, you can pay a third-party to manage some of your business tasks, but it shouldn't be the blanket solution for all your business decisions. If you think you don't have enough time, it may simply come down to time management. Keep in mind that the steps you take in the beginning set the tone for your business's future success.
Investing your time in your business is crucial to not only survive but also scale and thrive in this dynamic business climate. Don't forget to mind your business and make it a priority.