I know someone that wants to give you £2,000 to invest in your business!
If you knew someone that would give you £2,000 to invest in your business, just for telling them what you wanted it for, what would you say?
And if you had to do that in under 140 characters?
It might seem like a simple task, but when you're limited to 140 characters you've got to make sure every single one of them counts!!
And even before working out the wording, you need to make sure that you’re asking for exactly what will have the greatest positive impact on your business.
The first thing I would ask myself is "Which aspect of my business needs investment most?"
To answer that I'd need to ask: “What are the issues that my business is facing? “
You should look at your business as a cycle- and work out where the blockage is in the flow.
Once you know where the issues are within your business, the next thing to analyse is what are the expected results from resolving those issues?
What would the Return On Investment (ROI) be?
The answer to this question on the different options will make it easier for you to decide which area to invest in. - The one that is likely to give you the most return on the investment!
Going through this process is extremely important, most entrepreneurs will assess the situation based on what's causing them the most hassle/stress, and throw money at that issue. That's great, in the short term, but doesn't necessarily pay off long term. If you want your business to survive beyond start up stage, you have to think about the long term view.
If you knew someone that would give you £2,000 to invest in your business, just for telling them what you wanted it for, what would you say?
And if you had to do that in under 140 characters?
It might seem like a simple task, but when you're limited to 140 characters you've got to make sure every single one of them counts!!
And even before working out the wording, you need to make sure that you’re asking for exactly what will have the greatest positive impact on your business.
The first thing I would ask myself is "Which aspect of my business needs investment most?"
To answer that I'd need to ask: “What are the issues that my business is facing? “
You should look at your business as a cycle- and work out where the blockage is in the flow.
- Glitches in distribution, not getting your product to your customers quickly enough?
- Ineffective Customer Relationship Management systems?
- Is it ineffective online booking/ordering systems?
- Is it lack of demand?
- Is it that invoices are not being sent out on time? (Cash flow is the lifeblood of business)
- Or outstanding invoices are not being followed up quickly enough?
- Do you need to start investigating new products, is it time to innovate?
- Do I need additional resources- technology, production equipment, vehicles etc.
- Do I need to invest in more marketing/promotional activities?
Once you know where the issues are within your business, the next thing to analyse is what are the expected results from resolving those issues?
What would the Return On Investment (ROI) be?
The answer to this question on the different options will make it easier for you to decide which area to invest in. - The one that is likely to give you the most return on the investment!
Going through this process is extremely important, most entrepreneurs will assess the situation based on what's causing them the most hassle/stress, and throw money at that issue. That's great, in the short term, but doesn't necessarily pay off long term. If you want your business to survive beyond start up stage, you have to think about the long term view.
Now that you know what area needs investment most & which area would have the greatest ROI, do they match up? Are they the same area, if they are it’s an easy decision, but they
may not be. If they’re not you’re going to have to decide which is more critical. It may be solving an issue that doesn’t appear to have as much ROI as another option, but think about
the consequences, if that issue is not resolved- how much will it cost you? You’ll have a good idea which area to choose after asking yourself these questions.
So, now it’s all clear you’ve decided on what you want your £2,000 to be spent on in your business, that’s everything then?
Not quite, the other variable that is absolutely essential to factor in when one is seeking investment for one’s business is about where the investment is coming from.
Who's giving you the investment? And what kinds of ROI would they prefer?
This is the key to successfully securing investment! If you're providing a return that the investor isn't interested in, they'll be a lot less likely to invest. You might well be thinking, but don't all investors want the same return? Isn't it always ££££s or $$$$$s or €€€€€s. However, that's not always the case. Some investors are interested in things other than financial reward. James Caan for example (UK BBC TV Dragon) usually invests more in the person- he values the individual & is prepared to take more of a risk on the business, if he can trust the person- their skills & qualities. If he believes he can work with the individual he is more likely to invest. Other dragons/investors have a different approach, they may have favourite sectors/industries that they prefer to work in, so that they can leverage their own experience more easily. They might want what the business can provide in terms of providing services to their existing business for example.
So, to summarise, you need to work out what area of your business really needs investment, what area could produce the biggest ROI, and what the investor is likely to be looking for in return.
Now I’ve mentioned that this is your opportunity to win £2,000 for you business, knowing where the money is coming from might help you secure the investment you seek.
So, are you sitting comfortably? Then I shall reveal all :)
T-Mobile want to give you £2,000 for your business!!!!
What do they want? You to tell them in under 140 characters what you would do with it!
Simple eh? Sure it is, simple, but not necessarily easy! Take a moment to really think about this. What I'd guess is that T-Mobile is looking for a winner that has something interesting to say- a business that would look good on their promotional/marketing material- a business that would reflect the customers that they're targeting.
[Please note I am not involved in the organisation of the T-Mobile Competition, nor am I involved in the selection process]
So how are you going to ask for your £2,000 while clearly asking for exactly what you want, really, really want, in 140 characters or less?
I am looking forward to reading your responses in 140 characters, or less in the comments, but remember to submit them to the T-Mobile site too!
So, now it’s all clear you’ve decided on what you want your £2,000 to be spent on in your business, that’s everything then?
Not quite, the other variable that is absolutely essential to factor in when one is seeking investment for one’s business is about where the investment is coming from.
Who's giving you the investment? And what kinds of ROI would they prefer?
This is the key to successfully securing investment! If you're providing a return that the investor isn't interested in, they'll be a lot less likely to invest. You might well be thinking, but don't all investors want the same return? Isn't it always ££££s or $$$$$s or €€€€€s. However, that's not always the case. Some investors are interested in things other than financial reward. James Caan for example (UK BBC TV Dragon) usually invests more in the person- he values the individual & is prepared to take more of a risk on the business, if he can trust the person- their skills & qualities. If he believes he can work with the individual he is more likely to invest. Other dragons/investors have a different approach, they may have favourite sectors/industries that they prefer to work in, so that they can leverage their own experience more easily. They might want what the business can provide in terms of providing services to their existing business for example.
So, to summarise, you need to work out what area of your business really needs investment, what area could produce the biggest ROI, and what the investor is likely to be looking for in return.
Now I’ve mentioned that this is your opportunity to win £2,000 for you business, knowing where the money is coming from might help you secure the investment you seek.
So, are you sitting comfortably? Then I shall reveal all :)
T-Mobile want to give you £2,000 for your business!!!!
What do they want? You to tell them in under 140 characters what you would do with it!
Simple eh? Sure it is, simple, but not necessarily easy! Take a moment to really think about this. What I'd guess is that T-Mobile is looking for a winner that has something interesting to say- a business that would look good on their promotional/marketing material- a business that would reflect the customers that they're targeting.
[Please note I am not involved in the organisation of the T-Mobile Competition, nor am I involved in the selection process]
So how are you going to ask for your £2,000 while clearly asking for exactly what you want, really, really want, in 140 characters or less?
I am looking forward to reading your responses in 140 characters, or less in the comments, but remember to submit them to the T-Mobile site too!
Deadline is Firday 1st April so get your thinking caps on! :)
Write a comment
Lee J Carey (Saturday, 26 March 2011 04:58)
I always find value in your posts, but the ROI is often difficult to measure because the Return is priceless
Craig (Saturday, 26 March 2011 05:09)
Great opportunity for someone to make a change in their business. I agree with Lee, ROI can be measured in a lot of different ways depending on what goals have been set.
Great article Claire!