You have a million in cash, now what?

Sometimes when I want my clients to think outside the box, I ask: “If you had a million dollars in cash to spend on your business, what would you do with it?”  Asking this question helps me get a handle on where they think improvement is necessary.  So I ask you, if you had a million dollars in cash to spend on your business, what would you do with it? Many people would say things like, “hire managers to take over, so I don’t have to work as much”, “open additional locations”, “buy new equipment or technology” and so on. How about hiring a Business Coach? Working with a coach is a very strategic way to maximize the investment in your business and it doesn’t take a million dollars to do it! In fact, statistics show that business owners who work with a Coach are 80% more successful in achieving their goals than those who try to do it on their own.  It’s also important to understand the difference between expense versus investment. The only two areas in a business that drive revenue are Sales and Business Development. As a coach, my fees would fall under Business Development.  Thus, working with a coach is an investment in your business, not an expense.   And as your company grows, I work with you to diversify where you put your money and many times that means collaborating with your financial advisor.  Most business owners have all their eggs in one basket; their business. This is so risky! Just ask Eric Hemingway, of Hemingway Wealth Management, our Featured Business this month. Eric takes the guess work out of investing and always has your back and best interests at heart. In summary, your business is the biggest investment you will probably ever make and we all know what happens when people try to ‘play the market’ on their own. Your trusted advisors are vital to your security and growth.  Because we all know that if we’re not growing, we’re dying.