“You need to spend money to make money.”If you want to increase revenue and profit, then you must accept this phrase -- and hopefully you already do.However, knowing which products and services are worthy of your time and money is challenging, especially when you're hearing 50 different messages about what to do and what to buy.Inman Connect New York is coming up, with more opportunity to separate the shiny from the useful. Since I’ve been on both the consumer and vendor side, here are my thoughts on how to assess whether a new tool or marketing system is right for your business.We begin with part one: The principles of how to make smart investments for your business. Check back for part two, where I'll apply these principles to ICNY's Startup Alley companies. The 4 principles behind all smart investments in a business Run every decision that requires an investment of your time and/or money through four simple filters: personality, skills, strategy, goals....
- Run every decision that requires an investment of your time and/or money through four simple filters: personality, skills, strategy, goals.
- If you’ve never done a personality assessment, do one -- maybe even two or three.
- Distill down the core skill that is required to use a new product or service, and ask yourself, “Am I good at that? Do I enjoy doing that?”
- If you try to increase both revenue and profit, you will do neither well. You must pick one.