Leadership

Is Your Small Business Budget a Bottleneck for Growth?

I’ve worked in small and large companies. I’m now the co-owner of a growing business. I understand what you’re going through because I’ve been there.  An important process for all small business owners is creating your business budget. As I look each year to consider everything that needs to get done and creating my business…

I’ve worked in small and large companies. I’m now the co-owner of a growing business. I understand what you’re going through because I’ve been there.  An important process for all small business owners is creating your business budget.

As I look each year to consider everything that needs to get done and creating my business budget, one thing I’ve learned along the way is this: businesses that succeed always have time, focus and money for…

  1. revenue/sales generation,
  2. internal systems and process developments, and
  3. leadership development.

If you’re not spending the time you need to get in front of people and connect with your core audience, you won’t have a business for very long.

That means when you’re not spending money gaining market share, your competition is. Can you spell d-i-s-a-s-t-e-r?

Even small businesses need to be one step ahead of the marketplace. If you’re not, you’ll be left behind.

Why is the conversation about investing money in marketing and advertising and research and development important? Because if all your money is tied up in personnel, you will choke on your own payroll.

  • Growth is what created the need to expand and reconsider your staffing strategy.
  • Growth is what led you to hire new employees.
  • Growth is what will continue to propel you forward.

If you stop growing, you die. If you spend all your money meeting payroll, your business will slowly fade away.

Remember, the end game is about accomplishing your specific business outcomes. Staff should help you grow your business, not inhibit it from doing so.

I wonder if what’s holding you back from continuing to move forward and maximize marketplace opportunity is the fact that your “growth” dollars are tied up in payroll.

I talk a lot more about this in my ebook 9 Reasons to Rethink Your Approach to Staffing. There’s a free download for you here: bit.ly/9ReasonsToReThinkStaffing.

Thoughts? Let me know on Twitter – @bryanmiles

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