Classic Video: How to Invest Your Time and Money for the Highest Return

I have been doing video blogs for quite a few years now and a while back it occurred to me that some of the videos I’ve previously posted focus on timeless topics that deserve to be revisited and not buried way back in the video blog archive.  For this reason, I decided to occasionally feature a “classic” video blog from my blog archive and today I am sharing the fifth one–”How to Invest Your Time and Money for the Highest Return.” In this video, I talk about how to invest time and money into your business in the way that will ultimately pay the highest return–education.

Many businesses fail within their first three years of existence because they only pay lip service to education yet aren’t willing to invest the time, effort, and money into learning about how to continually grow and develop in order to achieve the business goals and the vision they outlined for themselves at the start.

The fact is, people who immerse and engage in a culture of learning are much, much more successful than those who don’t. Watch the video now to learn about an action you can take this week that will help you measure whether or not you’re investing enough of your time and money into what will truly help your business earn more and achieve more. 

I’m quite interested in hearing your thoughts on this video, your comments about what you currently do in order to invest in educating yourself to build your business, and also your results from carrying out the action item I explain at the end of the video.  Please leave your feedback regarding any or all of these things in the comment forum belowThanks!

8 Questions to Ask Yourself When Considering a Sponsorship Opportunity

Local communities and organizations–be they service clubs or professional groups–depend on sponsorships to make ends meet at some of their events.  This is also true for association trade shows and exhibitions.  In most cases, the dollar amounts for sponsoring events of this sort are modest–ranging from a few hundred to a few thousand dollars.

How many times have you been asked to be a sponsor?  How many times have you offered to sponsor a select event in order to help out someone in your network?  Both situations have the potential to give you huge exposure if done well.  In addition, sponsoring an event for someone on your word-of-mouth marketing team enhances the relationship, because you are helping that person meet a goal.

When you consider which people you will network with and where, you’re being selective.  Choose carefully, too, when you’re thinking about sponsoring an event.  Is it a good investment of your time and money?  Whether you’re being recruited or are volunteering, ask yourself the following questions before deciding . . .

  • What is the target market for this event?
  • What kind of exposure do I get for my investment?
  • Can I get this kind of exposure without this investment?
  • Do I get direct access to the audience?
  • Does it make sense for me to be there?
  • Which business or networking goal does it help me complete?
  • Are other sponsors my competitors?
  • How does this enhance my credibility with the person I’m helping?
  • Why wouldn’t I do it?

All of these questions help you determine the value of a sponsorship opportunity.  Now, imagine one day being in charge of putting on a huge event.  Suddenly, someone from your network steps forward to offer you a substantial sponsorship because she heard through the grapevine that your event needed money.  How would you feel about that person?  You can create that same feeling toward yourself in someone else by offering that exact gift.  Be selective, and offer your support in person.  In effect, you are making a tidy “deposit” in your relationship bank account.  This act of generosity definitely comes back to you in time, but for now it simply nurtures the relationship by helping someone in your network meet her goals.

This week, think of the people in your network.  Who do you know that is planning an event–a conference, an open house, a 10K fundraiser–who could use your financial support?  To strengthen your relationship with this individual, offer as much help from your business as you can provide.

Have you sponsored an event in the past?  If so, I’d love to hear about your experience and how it impacted your relationship with the person in charge of the event.  Please share your story in the comment forum below.  Thanks!

Want to Earn More? You Need to Learn More…

It used to surprise me when I heard statistics such as this: 50% of all businesses fail in their first three years.  Now that I’ve been in business for several decades and have seen many entrepreneurs come and go, I’m more surprised that 50% of businesses actually make it past the first three years!

Maybe I’m being a tad harsh . . . but not much.  One thing I’ve learned is that most successful entrepreneurs embrace and engage in a culture of learning in order to excel.  Personal and professional self development is an ongoing journey–not a destination.  It’s always a work in progress.  Often, businesspeople get so caught up working “in” their business that they forget to spend time working “on” their business.  Part of working “on” a business is one’s professional development.

Most entrepreneurs only pay lip service to education (okay, maybe not you since you’re actually taking the time to read a blog post about business but I’m talking about the average entrepreneur).  Ask a number of entrepreneurs and businesspeople if they would be willing to attend a seminar on building their business and three quarters of them will say yes.  However, if you proceed to tell them that the seminar is four weeks from tomorrow at 7 p.m., only a handful of those who initially agreed they would go will actually sign up.

Benjamin Franklin once said, “If a man empties his purse into his head, no one can take it from him.  An investment in knowledge always pays the highest return.”

With that in mind, here’s an action item that will help get you started on the path to immersing and engaging in a culture of learning:

Look at your financials (or checkbook, or credit card statements) for the past year.  Have you invested money into any type of ongoing business education?  If you aren’t “emptying some of your purse into your head,” take a few minutes to think about what you want to learn to help you build your business and then sign up for something this week.

Remember, if you want to earn more, you need to learn more (and reading this blog from time to time won’t hurt either)!

Lastly, share with us something that someone once taught you (something from books and seminars are OK) that helped you in some important way.


4 Steps to Building Social Capital

Social capital, otherwise known as the value behind your social contacts, can be an extremely important resource in both business and life.  If you take as much care in raising and investing your social capital as you do your financial capital, you’ll experience benefits that can greatly enrich your life as well as multiply your material returns many times over.

In this short video, I explain that you don’t have to purposely become a networker to reap the benefits of social capital and I outline the four key steps to successfully building social capital.

Do you have a standout story about how investing in your social capital significantly paid off for you?  If so, please share it in the comments section–I’d love to hear about it!

Related Posts Plugin for WordPress, Blogger...
   Follow Me

Get every new post delivered to your inbox