Most new businesses fail within 2 years, and one of the
most common reasons they fail is for lack of capital. They
simply run out of money.
Too often, a struggling company can't attract enough
customers, and they can't afford to advertise. They can't
hire and train great people, and without great people, they
can't provide superior service. It's a vicious cycle that
is far too common.
Fortunately, there is a way out that requires very few
dollars. Here are my suggestions for the most critical
investments every business MUST make to be financially
successful:
1. Invest in Yourself! This means investing in
professional skills, and in your personal development. Jim
Rohn says, "Invest more in yourself than in your career",
and I think that's solid advice. This means reading! It
means attending the best seminars, and talking with the
best people. Invest in yourself because the most skilled,
the most attractive and the most competent people are
NEVER unemployed.
2. Invest in Technology. You can not maintain a
professional practice without efficient tools! Streamline
and automate everything! A few dollars and a few days of
training to use the right tools will pay dividends for
years to come.
3. Invest in Communication. Unless you can communicate
efficiently with your customers, suppliers, colleagues and
staff, all the skills in the world mean nothing. You have
to explain. You have to answer questions. You have to calm
their fears, solve their problems, and provide value they
can understand. This means appropriate use of technology
(see above), and it means learning to work well with
people. Effective communication is essential.
4. Invest in Customer Care. A few customers well taken-
care-of, will provide all the marketing you need! Single-
vendor relationships are increasingly common, and a happy
customer who comes back, and who recommends you to their
friends, and asks for more and more of your services, will
make you rich. Extreme customer care doesn't cost; it pays!
If you have any money left over, advertise. If you want it
and need it, buy a new building, hire more sales people, or
up-date your equipment. But first, make the investments
I've listed above. They cost less, and the Return on
Investment is huge!
most common reasons they fail is for lack of capital. They
simply run out of money.
Too often, a struggling company can't attract enough
customers, and they can't afford to advertise. They can't
hire and train great people, and without great people, they
can't provide superior service. It's a vicious cycle that
is far too common.
Fortunately, there is a way out that requires very few
dollars. Here are my suggestions for the most critical
investments every business MUST make to be financially
successful:
1. Invest in Yourself! This means investing in
professional skills, and in your personal development. Jim
Rohn says, "Invest more in yourself than in your career",
and I think that's solid advice. This means reading! It
means attending the best seminars, and talking with the
best people. Invest in yourself because the most skilled,
the most attractive and the most competent people are
NEVER unemployed.
2. Invest in Technology. You can not maintain a
professional practice without efficient tools! Streamline
and automate everything! A few dollars and a few days of
training to use the right tools will pay dividends for
years to come.
3. Invest in Communication. Unless you can communicate
efficiently with your customers, suppliers, colleagues and
staff, all the skills in the world mean nothing. You have
to explain. You have to answer questions. You have to calm
their fears, solve their problems, and provide value they
can understand. This means appropriate use of technology
(see above), and it means learning to work well with
people. Effective communication is essential.
4. Invest in Customer Care. A few customers well taken-
care-of, will provide all the marketing you need! Single-
vendor relationships are increasingly common, and a happy
customer who comes back, and who recommends you to their
friends, and asks for more and more of your services, will
make you rich. Extreme customer care doesn't cost; it pays!
If you have any money left over, advertise. If you want it
and need it, buy a new building, hire more sales people, or
up-date your equipment. But first, make the investments
I've listed above. They cost less, and the Return on
Investment is huge!
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