Spending money to make money is an old truth of business. We all want to cut costs and to trim excess spending. So when is spending a good thing? When spending is investing.
Investing in your business is a wise thing to do. When you invest you expect a Return On Investment or an ROI of some kind. When you spend money you are giving money to someone to cover a cost or expense. However, when you invest, you are building value. So when do you invest rather than spend. If you are getting the minimum work done to benefit your business, just enough to get by, you probably aren’t investing.
Let’s take look at a couple of examples.
Client #1 needed images of their estate so that they could list the home on the market. They wanted just the minimum and they wanted to just show the basic style of the home. The image they used is below.
This image shows a nice stone house, older and in relatively good shape. There is a good amount of acreage, you can’t see the neighboring homes, there are well established trees. Nice. Reading the text you find there is a 2 car garage on 23 acres, a pond, a large shed, a historical “Icehouse” on the property and it has 3 bedrooms, 2.5 baths, large kitchen and family room. Total of is 3200 square feet. Just 25 miles from downtown of a major east coast city. List price $1.6 Million US.
Client #2 also needed to list the home for sale but they decided to spend a bit more on the photography. They wanted to capture the “Lifestyle” of the property and surrounding grounds. These are just a few of the over 40 images used to show the estate.
The second property has multiple out buildings, but it does have a 4 car garage. It does have 4 bathrooms and one extra bedroom, a smaller kitchen, the rooms are of similar, but slightly smaller size, is on 26 acres and it also has a pond. And it is over 50 miles from the closest major east coast city. Total of is 3000 square feet. List price, $3.8 Million
Now ask yourself, which of these people spent money of photography and which invested in the sale of their estate? It doesn’t matter if your business is Real Estate, Food Service, Client Services, Products or just You, the principle is the same.
Are you ready to invest in your business?