Are you Investing in the Right Things? - by Ravi Patel

 

All businesses require investments. Entrepreneurs are aware of the capital necessary to start a business – whether it is for working capital, machinery, equipment, or so on.

 

As the business grows more investment might be needed. If the Entrepreneur only thinks of investment in material things, it might be short-sighted.

 

Long term success requires investment in softer areas of the business. For example, in order to have consistent results it is necessary to invest in developing robust business processes (not necessarily computer systems). This takes time and resources, but it is a wise investment.

 

Entrepreneurs need to make similar investment in their people. Identify the key potential people in your organization and invest in them. Urge them to improve their skills, train them in functional areas, and take a risk by giving them projects and assignments that challenge them. Investing in your people, just like other assets, will pay off in the long term.

 

Entrepreneurs need to identify all areas of their business to determine if they have invested appropriately in such areas to make them generate superior returns.

 

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