JANUARY 2020 ANSWER TO THE QUESTION OF THE MONTH: If you had $1 million to take your business as far as you could go, what would you do with the capital?

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The question this month: If you had $1 million to take your business as far as you could go, what would you do with the capital?

  • I would split it – invest it in marketing and sales. I also would update the equipment and the employees.  See where it was needed the most, there are things that need to be done.

  • I brought this to a Traction meeting, it intrigued my leadership team. We agreed, it wouldn’t go very far.
  • If our entire facility was under one roof it would entirely change the way we work.  We would gain efficiencies and have critical operations under one roof.  That would be huge for us and the most beneficial use of the money.
  • We’ve always been a “good year” company. When we had a good year, we’d build another building.
  • I have 2 years left on a lease and if we keep growing our business, we’ll outgrow our space. So, I would renovate a new office building.
  • We are being held back by a lack of sales and the need for new accounts. We need to hire and train people to work independently.  I want salespeople trained, tested and shadowing me.  It’s a person challenge.
  • Invest was my first thought. I would move into my strengths and hire people to cover my weaknesses.  I can’t fathom how big this could be if I had the amazing people I need to hire:  where we could be and how I could put my ideas out there.  It would be fun.
  • I would invest that money in succession planning and growing sales. I’d look for a person who understands my business, is good in sales and bring them in with the idea they would be my successor.  Of course, the trickledown effect of hiring a good salesperson is that you get to hire more support people and that gives you more opportunity to spend more of that million dollars!
  • We would reduce debt. Then we could start making money and take our business to the next level.
  • I also chatted with our Events planner. She got so excited dreaming about what she’d do: since we all share one office, she’d like her own space.  Then she would like to build a Bed & Breakfast for couples to use as they’re getting ready for their weddings.
  • Realistically we would have to go where the investment would pay off. I see that in developing our catering business and building other income streams.
  • We have a new 20,000 sf expansion that is empty. We’d add additional capacity.  We’d set up another cell line.  We have many opportunities ahead.
  • I would buy a going concern plastics injection molding plant. Right now, we only use it for our own products.  We could use the million to leverage current capabilities.
  • Invest in more advertising, hire an employee or two, reach more people, have more groups, open my own studio.
  • I would use it to start a new business. There is no place in my town for children to go.  I would create a facility, using half the money down on a community center.
  • How could I invest that money to triple it? I could hire employees to see how many businesses it would impact.
  • I would invest in building facilities and hire a sales rep.
  • I would outsource marketing and strategy and develop a plan. I want someone who has the words. I would hire an integrator (I’m a visionary) – holding that money to grab opportunities as they come.  I want to speak more, set up classes across the United States.  I would also love to write a book.
  • I’ve spent a million in my head several times already. There is a house that I would purchase, and a short distance away is a warehouse.  I want to start “re-entry bags” so people could go out with underwear and clothing feeling like they could re-enter the world.
  • There’s also a mechanic shop in the back where I’d like to train and equip people for re-entry.
  • I’d bring on an additional person and I would immediately look to launch 3 new product lines with the intent of diversifying.
  • Hire people to do stuff so I don’t have to. I tend to do it all myself and I get overwhelmed.  I would hire people who know social media, technology and other areas I’m short on.
  • Another person to launch the professional side of my business. A million dollars doesn’t go very far.
  • Oh, the fun things I would buy! I’d get my business partner out the door.  Our business has a great opportunity to expand into other avenues.  We’re building a new building and it would be nice to fill it: overhead crane, plate roller and tube laser as well as add some coating equipment so we don’t have to farm that out.
  • My boring answer is recession proofing: a million dollars is only about 3 months of operations.
  • For capital equipment, we’d look at toys such as new robotic weld stations – I could get about three with all the bells and whistles.
  • We have a new 20,000 sf expansion that is empty. We’d add additional capacity.  We’d set up another cell line.  We have many opportunities ahead.
  • I would buy a going concern plastics injection molding plant. Right now, we only use it for our own products.  We could use the million to leverage current capabilities.
  • I’m a business major and have always been fascinated with business. I’d love to own my own business, but I’m not a risk-taker.  I’d love to start a wine shop but if I turned it into work, I might not enjoy it as much.  I make a lot of wine now, but I give it away.
  • The Rich Dad / Poor Dad book talks about the Cash Flow quadrant. In the top box is the E quadrant for the Employee and the B quadrant where you have a business.
  • The I quadrant is where you put your money into investments, and they earn money for you. So, if I had the money, I’d invest it.
  • I would invest in my business, in marketing. And I’d hire someone to help me with administration so I can focus on the business and what I do best.
  • I’m already into the real estate game. I’d probably take $500,00 and get in debt for $2,000,000 to buy an apartment complex, hiring a rental property company to run it.
  • I’d invest the other $500,000 into different businesses and play venture capitalist. Perhaps I   wouldn’t make any money, but you hit the right thing and BOOM, you’re off to the races.
  • I’m in the midst of succession planning so I’d give the place a face lift. I would update equipment and remodel the office and then put $500k into an annuity.

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