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The superstar entrepreneur you follow on Instagram just posted about the new video equipment she bought for her business. Your favourite Facebook group is abuzz about running Facebook ads. And your business BFF just expanded their product line with a big inventory order.
So does that mean it’s time for you to grab new video equipment, brainstorm ad copy, or order more inventory? Sorry to be a total buzzkill, but no. At least, not without a plan.
Whether investing in your business is something you’re dying to do, or something you approach with a heaping dose of trepidation, doing your due diligence ahead of time can help you make sure you’re making the right decision for your business. There are three main considerations when deciding whether you’re ready to invest money back into growing and scaling your business.
Here’s what you need to know before investing in your business:
Once you have a solid understanding of all three, you’ll be in a better position to make the right calls about how much to invest back in your business.
I love those who can smile in trouble, who can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink, but they whose heart is firm, and whose conscience approves their conduct, will pursue their principles unto death. - Leonardo da Vinci