A few weeks ago, we talked about setting goals to invest in your business where you need to. But how do you know if you have advantageously allocated your investment resources to help you reach your goals? For example, over the past year, plenty of people invested in yoga pants as part of their “business” wardrobe. But the chances are good that the situation will change. There may come a time when you need to consider whether you have too many yoga pants and need to invest in a suit.
Record Your Investment Resources
The first step in evaluating your resource allocation is to write down a list of your resources. Yeah, of course, you kind of know what they are already. But, trust me, writing them down is essential. It can help give you ideas today, and it will jog your memory in the future. “That’s right! Mary has expertise in HTML or Spanish (or crocheting). That could be helpful!”
Remember that investment resources are many things beyond money. It can be your car, equipment (even unused equipment), physical space, shelves in your store, employees’ expertise and skills, professional clothing, services you can access, professional organizations that can help you, or another asset. When you write them all down, you will probably discover you have more resources than you initially thought.
Writing them down will also help you see pretty quickly if you need to allocate your resources differently. For example, if your primary goal is to sell 100 widgets a month, you shouldn’t be spending most of your money on activities that primarily focus on winning an industry award. A written list also helps you notice if you don’t have the right resources to reach your goals.
What to do When You Don’t Have the Resources
Maybe one of your goals is to attend X number of industry events in a year. Now, you think: “I need a suit.” But what do you do if you don’t have the money to invest in a suit?
The first question to ask is: do you really need a suit, or do you just need to look professional? Some situations require suits, while others let you get by with clothing that just looks neat and formal. Can you substitute a jacket and tie? Or a lovely dress? Spending resources on things you don’t need is not a good investment for your business.
If you decide you do need a suit and don’t have the money—that’s the time to get creative. Maybe there’s a thrift store in your neighborhood that sells high-quality used clothing. Perhaps you can borrow something from a friend.
Or maybe it’s time to reallocate resources. You can make a suit part of your budget and start saving up for the purchase of one.
In other words, writing down your resources and matching them with your goals helps you identify gaps in your resources—making it that much easier to plan for the future effectively.
Are you struggling with setting goals and allocating resources? Contact Office Accomplice and learn how we can help!