These strategies will help you make good investments that grow your business, and avoid bad investments that don’t. Jay is absolutely confident that if you implement all of these investment strategies over the course of a year, you are guaranteed to grow your business, increase production and collection, build a more engaged and productive team, and ultimately become a happier, healthier you!
#10 — INVEST IN FAMILY
Your family is — or should be — your most important set of relationships. Investing in these relationships will translate to business success because a happy, stable home base supports a more stable, more profitable base at work. Plan regular quality time and activities with your spouse, your kids, your whole family. Whatever those things are for you, get them on your calendar. Never take your family for granted, or consider them “separate” from your business success. You must invest in your family relationships, just as you do your business relationships.
#11 — INVEST IN INCREASED PRODUCTION
To increase your earnings, you just have to increase how much gets accomplished at your office on a daily basis. Here’s the best way to do that:
- Ensure you have the right talent in the right jobs by using our Ultimate Hiring Guide and the Kolbe RightFit™ hiring tool.
- Train your staff to be more effective and efficient at their jobs, and fully supportive of your business goals. This frees YOU up to do what you do best, and do more of it.
- Assess your own hourly production and set a goal of doubling it. Even if you don’t know quite how, just by working toward that goal, you’ll be amazed at how quickly you find ways to speed up how you get things done. You’ll be inspired to continuously “do more.”
There’s no way around it — to stay well ahead of rising expenses you have to continuously invest in ways that increase your production and that of your staff.
#12 — INVEST IN REDUCED DEBT
Accelerating the pay-down of debt is a guaranteed investment. It feels good, and it’s good business. Use the same strategy for increasing your savings — do it every morning and do it automatically so you don’t even have to think about it.
- Make more than minimum payments.
- Convert a 30-year home mortgage to a shorter term.
- Pay extra on an office building mortgage whenever you can. You’ll not only eliminate lots of interest, but position yourself to generate rental income from the building once you own it.
As with increasing savings, START YESTERDAY so you significantly reduce or eliminate debt at a reasonable age.