Business Thinking

If You Had To Spend US$1,000,000 on Your Business, Where Would The Money Go?

Here’s a question for you…even if your business is healthy and you’re not looking for investors:

If you had to spend US$1,000,000 on your business, where would the money go? What would you spend it on?

The reason why this is an interesting question is because it really highlights the next steps your business should take. You can then start figuring out how you can get close to the same results without spending US$1,000,000.

Would you open up a couple of international sales offices? Would you buy better equipment? Would you open a flashy new office in the smartest part of town? Do more market research? Do a series of trade shows…or get a massive booth at a single show?

Would you spend it systematically on a series of advertisements or commercials? Or blow it all in one go on a Superbowl ad?

Would you pay your suppliers more so that you get better product? Would you hire more people? Would you hire better people?

With all these different approaches, imagining you have a load of money which has to be spent on your business, it forces you to identify your weaknesses and what your real priorities are.

Let’s say you feel that an extra $1,000,000 would enable you to fulfil your dream of having offices in New York, London, Shanghai, and Tokyo. Well guess what? You haven’t got it…you’ve got to do it for free - by contacting a few companies to see if you can partner with them.

If you’d be more likely to spend this imaginary money on getting better people, then there are obviously aspects in which your current team is not as good as you’d like it to be. Why not? What elements or characteristics are you missing? Are they factors which could be covered by the addition of one person? Or does your whole team need a lift?

The idea here is really to start thinking about which aspects of your business you would improve if money were no object. That way, you can start focusing on your real priorties in order to address the major issues standing between where you are now, and where you want to be.

© 2008 Microconsulting Online.