Unlocking Success: The Diverse Investments Shaping Small Businesses Today

Contributed by SBOC Member:

Pat Miller

Pat Miller

Founder of the Small Business Owners Community

Empowering Growth Through Strategic Investments and Collective Wisdom

Investmenting in our small businesses can range from tangible tech to the intangible like time and relationships. But, getting this right could really set the course for your success.

Sometimes, it’s about pouring money into new tools or software, and other times, it’s about investing in our team or even ourselves.

Our Question of the Week was simple:

What’s the Best Investment you’ve made in your business?

The feedback from our community was diverse. From nurturing existing relationships, as Daniel Rodriguez beautifully highlighted, to the unanimous nod towards personal and professional coaching shared by folks like Alyssa Poggioli and Todd Beemer, it’s clear there’s no one-size-fits-all answer here.

Daniel Rodriguez

While I’m still in the early stages of my entrepreneurial journey, I believe my most impactful investment thus far has been allocating time and resources to nurture existing relationships. This seemingly straightforward investment has yielded several benefits:

  • Expanded Prospects: By fostering connections, I’ve discovered unexpected prospects that weren’t part of my initial plan. These organic opportunities have enriched my business outlook.
  • Seizing Market Opportunities: Taking the time to explain my business decisions has allowed me to recognize and capitalize on natural market openings. Sometimes, these opportunities arise spontaneously, and being attentive has been crucial.
  • Reduced Stress: Unlike some other startup approaches, my focus on relationship-building has led to a less stressful sales initiation. Trust and rapport with potential clients have made the process smoother.

Feel free to ask for further elaboration if needed!

Alyssa Poggioli

Two-way tie: a coach & a virtual assistant.

Todd Beemer

When it comes to coaching, the single best investment has been in hiring a mentor coach to help me become better each day. By far, the best investment I’ve made.

Christopher (Major) Payne

In people.

EeTerrica “Terrie” (Reeves) Dotstry

It’s not a financial investment,but utilizing time to build relationships and network with people within the community and in government.

David Garrett

So as a new “official” business owner, turning a part time job into a full time company , the biggest investment for me is actually believing in myself. Many friends, family, and former co-workers thought I was crazy to start a business this late in life with the sole objective to enjoy it AND make a good income. Now it certainly remains to be seen how this all turns out, but if I didn’t believe that I CAN AND Will do this then there is a zero percent chance at success.

Also, based on my success in sales and broadcasting over the years, if you tell me NO or “you can’t do that”, I will go out of my way to prove you wrong.

Much like Travis Kelce and Patrick Mahomes are always looking for things to drive them for success (“Burrowhead”, “Chargers will win the west”, “Chiefs are a 3-point underdog at home “, “no team has won 2-straight SB’s in 20-years…), I always look for challenges to succeed.

When I worked for Time Warner and then later AT&T my goal was to be the #1 sales rep every week. PERIOD. If I lost a contest or missed out on a trip or didn’t hit the #1 commission, I was pissed off and angry. Why should anyone settle for #2 when you can be #1?

With my new lawn business I WILL have the absolute BEST looking lawns in the neighborhood. Nobody can do a better job than me.

Now that sounds pretty arrogant and cocky. Yes. But I have confidence in myself that I will back it up with my performance “on the field” just like Travis and Patrick.

A long winded answer to your question. Hope that helps what you were looking for. Have a great day.

Joe Sikora

Perhaps the greatest investment in my business has been investing in myself. As I continue to grow and learn, my decisions impact the trajectory of my business. Also, investing in my wellness and peace of mind allows me to de-stress to be clear-headed with my business choices. Being at the top of our organizational structure, my decisions impact my team.

Susie (Marilyn) Lawrence

A marketing coach!

Joshua J. (A1 Lawn Care and Snow Removal LLC) Lynn

I would say in myself because nobody will have the drive and determination to make the business a success the way I will. The quality of work, upkeep on equipment, building relationships with clients, reinvesting profits to upgrade the operation, etc … Couldn’t be matched by anyone else. Other than that I would say it would have to be a CPA to keep the books in order.

Darla Woltkamp-Russell

Hmmm my answer may not be “ sexy” but I would respond my biggest single investment that I’ve made in my business is investing in myself.

Greg Smith

That is super simple. It’s an investment in myself.

Lisa Grefe

Prioritizing my physical and mental well-being has been a gamechanger. I burned myself out last year, studying for CFP, working in the business, family obligations, life, etc and didn’t take a break. I hit a big wall. This year I am putting health and wellness first and investing in myself: eating right, working out, visualizing success, prioritizing meeting with people that really energize me. And we’ll see where that takes me.

Jeffrey Hines

Investing in my team members has been the biggest investment by far.

Shannon Schroth

The single best investment I’ve made in my business? Time. Time dedicated to my clients. Because at the core of every successful venture lies the understanding that every business is fundamentally in the people business. By investing time in fostering genuine relationships and understanding the needs of both clients and employees alike, I’ve laid the foundation for sustainable growth and enduring success. In the end, it’s the quality of these connections that truly defines the trajectory of any enterprise.

Randy R. Ellison

Pat, the single best investment I’ve made is in development. By that I mean ongoing development and investment in my growth and knowledge. A person, business or organization can only grow if they can see, envision or imagine it. So there has to be a reservoir of capacity to draw from. To have that you have to pour into yourself.

Julie (Mann) Edge

Investing in my business by becoming a certified faciliator in the 6 Types of Working Genius. It’s an 80% productivity / 20% personality assessment that links the 6 steps to how work gets done to how you work best.

As a business owner, I see much more clearly how to align my work with my zones of genius, which is what I enjoy doing, and how to build a team with others that complement me. I see what burns me out and frustrates me about getting work done and how to best position my genius for success.

I’ve put this tool to work in the hiring process and it quickly cleared up any questions about who was the right fit for the job.

I’ve rolled it out to my consulting clients, and it’s enhancing their cultures, and improving the retention and recruitment of the right employees. I’ve worked with many personality assessments over the years to impact organizational behavior and while their results were interesting, it was hard to apply them to work. And so they fell out of use and became another waste of resources.

The Working Genius Assessment gets it right by tying how we enjoy working with how work gets done. It starts with a question that identifies a problem (wonder), then to an idea that aims to solve that problem (invention), to an evaluation of that solution to make it better (discernment), to activating others to implement the solution (galvanizing), to being willing to work on the solution (enablement), to getting the work over the finish line (tenacity).

Adding this product to my consulting practice is making a difference in the small businesses I work with more than any other assessment I’ve rolled out before. I love how it unites a team around language, purpose, and getting work done that is enjoyable. Less work drama and more productivity are the results.

Let me know if my answer is of interest! Thanks.

Danielle Perdue

Completing the African American Business Development program through the Urban League. It thought me so much about running my business successfully. I learned everything from branding, market research, projections, financial documents, to creating a succession plan and more. I am no longer intimidated about having my own business because I am equipped with the skills to navigate the different aspects of running a business.

Unlocking Success: The Diverse Investments Shaping Small Businesses Today

For me, joining a mastermind group has been my best investment in my business. It’s like having your personal board of directors, a group that keeps you honest, challenges your BS, and throws brilliant ideas your way.

So, what’s the takeaway? Investing in your business isn’t just about where you put your money. It’s about where you place your faith—be it in the people around you, the tools that empower you, or the personal growth that guides you. Every penny, every minute, every ounce of energy you invest is crafting the future of your business.

I want to hear from you. What’s been your game-changer investment?

Pat Miller

Contributed by

Pat Miller

Founder of the Small Business Owners Community

Pat spent two decades in broadcasting management and hosting. After leaving the radio industry, he spent time consulting small businesses and realized the support system for entrepreneurs was broken. Where could you find help for improving small businesses and building real connections with other like-minded people. In June of 2020, the Idea Collective Small Business Community was born.