Is Now A Risky Time To Invest In Your Business?
This was originally posted on my Seven Figure Consultant LinkedIn Newsletter. Subscribe today to get insights about how women are building powerful and impactful consulting businesses.
You’d be crazy to make a big investment in your business right now wouldn’t you?
I had a conversation last week with a woman who has had a business project on the table for a while that requires £800K of investment.
She was asking, how on earth do I evaluate at the moment whether to go ahead with a project like this? So much could change in the next 12 months, should I say no on principle?
We can have a huge drive for continuity. And that’s something that is important and it’s often very valuable for a business to stay on track instead of flitting from one service to another and rebranding and rebranding again.
And when everything around us feels so unpredictable, it’s natural that we would want to maintain sameness in our business as much as possible.
So if you’ve had big plans for your business this year should you set them aside, or is it worth going forward with them anyway?
The key thing here is that we need to really dial into the detail of your specific business, and evaluate the project on its merits.
Does the Covid crisis come to bear on the outputs of the project?
What assumptions are being made about the ability of the project to still be delivered, or the receptiveness of the market in question?
What impact has the Covid crisis had on the demand for this product or service?
It is so easy to assume that the coronavirus situation means that no one is buying.
Tell that to the supermarkets.
Tell that to Zoom.
Tell that to the businesses that are still seeing growth and making sales. Women just like you are doing exactly that, even in the middle of a global pandemic.
There are specific industries and companies who have seen a huge increase in demand this year.
And you could stand to lose out in a big way if you turn down a genuine opportunity for growth, just because it’s a risky time to be doing business.
So if you’re facing a similar decision in your business about whether or not to proceed with the plans you had in place, I would fight the temptation to make a blanket decision about this and instead weigh the specific facts from what CAN be known about the viability of your project.
And remember the outcomes we always have on the table when making project decisions.
‘Do nothing’ can be a positive decision and it’s one we can sometimes skim over if we’re in a hurry.
If you’re facing a big decision in your business and you’d like some input from me to guide you, let me know, and I’ll be in touch with suggestions of how I can help.
Free Report – The Six Elements of a Seven Figure Consulting Business
I’ve created a free PDF report called The Six Elements of a Seven Figure Business. It’s my most popular free resource and in it I outline the 6 areas of unscaled businesses that need to change in order to move past being ‘booked up and burned out’ and shifting into that higher gear that gets you cruising again.
It’s the framework that helps consultant women like you find their feet and get back to leading the business, rather than being buried in client work and back-end business operations.
Thanks for reading! I’d love to hear your feedback and future topics you’d like me to feature. You may also enjoy The Seven Figure Consultant Podcast, the show that takes you from booked up and burned out in your consulting business to THRIVING as the CEO of your 7 figure enterprise.