5 reasons NOT to Jump ship but reinvest into your current businesses

virtually nomadic

The economy continues to fall and conditions will be getting tougher for some. I can see direct correlation as small and medium business entrepreneur friends are being affected. Some are feeling the heat a little too much and there seems to be a pattern for those “jumping ship” of late.
Declining profits, or even increasing profits for that matter can somehow lead you to think of doing other kinds of investments.
Over the past few years I have tried to diversify income streams for long-term financial security, however over the last few months I have decided to slow down and realize there are plenty of good reasons to stick to current businesses and reinvest both time and money there.

Here are 5 of the best reasons why you should consider investing more on your current business:

1. You become efficient with what you do. One of the most challenging things about doing any business is managing everything within it. As profits go, so do the systems and responsibilities involved. Reinvesting both time and profits allow you to increase the efficiency of your manpower and everything else in the business. You can now consider new hands or new technology that will make transactions better and faster. Making these calculated moves will ultimately build your business thus an increase of your ROI.

2. Learning Opportunities. Instead of investing to another business, you can use your profits to educate yourself or staff. Why not enroll in a financial class that will help you improve your current financial strategies? You may also enroll in workshops that will teach you how to manage your business well.

“If you want to thrive in today’s economy, you must challenge the status quo and get the financial education necessary to succeed.”
― Robert Kiyosaki 

3. Building Connections. Spending your profits in order to build connections is the smart thing to do, AKA networking. Attend several trade shows that will make you more visible to the industry. Present your products during conferences and meet as many people as you can. This will help you gather information about the industry and you will learn a lot from the people that you meet.

4. Marketing advantage. You already have the information that you need about your target market. The question is what are you going to do about it? By investing more on your business, you can afford to make changes in your marketing campaigns. You can apply different methods of transforming your business without worrying where to get the funds. Since you can already afford it, you no longer need to get a loan from the bank, or borrow from someone else for your marketing projects. Take a step back to revisit the younger, more energetic you as you begin along the start-up business path, if you had the same financial freedom and backing then, where would that determination have taken you?

5. Set an example to your clients. You have to believe in the great things that your business is capable of. By directly investing into your business and its future growth, you generate the impression that you are confident because you know that your business is a success. With your enthusiasm, your potential clients will be convinced to also spend their money for you.

Splitting pots and expanding your business ventures is a wise choice, but don’t forget the ones you already own! Secure existing systems and ensure they are profitable for the long term.

By being responsible with your decisions, engaging new strategies and techniques you will attract new clients via your positive attitude towards your business. These in turn will secure your future and make you ready for more expansions in the future whether it is in the same field or with other separate industries.

About the author

Virtually Nomadic

Virtually Nomadic is a Digital Nomad Travel Blog founded by Tim and Paul. Two online entrepreneurs on a mission to grow and excel in their online businesses while visiting the top 100 Wonders of the World.

3 comments

Leave a comment: