Are You Dealing with Cash Strapped, Stinken’ Thinkin’?
I can't afford to do that. Can you NOT afford to do that?
When you start a business, you're going be cash strapped. It's almost a given. There are things you know you MUST do, but then there's not enough money to do them.
This dilemma affects you in two ways.
First, it stalls progress. There is something you need to get done and then you have to hold it up or do it poorly because you can't figure out how to pay for it. Second, it pulls you, business owner and your business' most critical resource, into things you probably shouldn't be doing. The first one is an issue. The second one can kill your business.
As we start growing our business, because we've been doing things ourselves, we grab onto things and often keep hanging on just because that's the way we've always done it. It becomes a habit that stifles us and then the challenge is breaking the habit.
When I started my business, I was talking to a colleague about an Infusionsoft user conference I just had to attend. I had just discovered this cool new tool and saw huge potential for using that in my business and for my customers. The problem was I didn't have the money to pay for the travel expenses. I remember telling my colleague, "If I land this deal, I'm going to that conference."
She had seen how important going to that conference was based on what I wanted to accomplish and she challenged me right there. She said, "Jorge, if you need to go to that conference, figure out a way to get yourself there." She made me realize the messed up thinking I was using.
I did figure out a way and attending that conference changed my business and it changed me. I now run an Infusionsoft consulting business with a specialization building membership sites in that space. Attending that conference not only taught me a lot, but it enabled me to join a mastermind group (something else I couldn't afford), without which I wouldn't be in the business I'm in today. The relationships and knowledge I gained from that group taught me what I needed to transform my business into what it is today.
Now I'm not advocating out of control spending nor am I saying get into huge debt. I am telling you that a cash strapped business owner must keep themselves away from cash strapped thinking. There are critical things we must do in our role. There are those that are best hired out. In order to succeed in your business you MUST figure out ways to get things done and even hire people before you can afford them because waiting and delaying what must be done can destroy your business and keep you from opportunities that are clearly yours to have.