Hey,
Trying to get some advice from other successful business owners. Here's the deal…for most of my life i've been extremely disciplined when it comes to money. I live WAY below my means and I rarely spend money unless I need to. I think for the most part this attitude has served me well up to this point.
As my business is growing though I'm not sure if I'm being too disciplined….let me explain.
So, we've had a couple successful years and things continue to grow. Finally, we have some cash and I'd like to potentially bring on some more staff in hopes that it could grow further.
A couple of these positions I feel have the opportunity to grow the company but there is definitely no guarantees.This 'investment' and risk of financial loss eats me up. I'm nervous to spend the money and eat into our profits.
There is risk that the money could be thrown away (i.e. the return on investment won't be there) and my time could be wasted. Double whammy…
Anyway, for those that have successfully gotten over this hurdle I would love to hear your thoughts?
How do you deal with the risk of spending money on employees when the ROI isn't guaranteed to be there?
Trying to get some advice from other successful business owners. Here's the deal…for most of my life i've been extremely disciplined when it comes to money. I live WAY below my means and I rarely spend money unless I need to. I think for the most part this attitude has served me well up to this point.
As my business is growing though I'm not sure if I'm being too disciplined….let me explain.
So, we've had a couple successful years and things continue to grow. Finally, we have some cash and I'd like to potentially bring on some more staff in hopes that it could grow further.
A couple of these positions I feel have the opportunity to grow the company but there is definitely no guarantees.This 'investment' and risk of financial loss eats me up. I'm nervous to spend the money and eat into our profits.
There is risk that the money could be thrown away (i.e. the return on investment won't be there) and my time could be wasted. Double whammy…
Anyway, for those that have successfully gotten over this hurdle I would love to hear your thoughts?
How do you deal with the risk of spending money on employees when the ROI isn't guaranteed to be there?
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