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How to Know When to Invest in “That New Thing” for Your Business

It is impossible to keep up with all the new tools that promise to make our business life better, more successful and easier, and do all this or less than the new tools of another person. I Googled “new tools for business” and G-star returned 863,000,000 records. Now let’s just say that 99% of these offers are not of high quality, not from a reliable source or simply do not meet my needs. The remaining 1% is a few thousand more than what I want to read.

My research, however, was not specific enough, like most of the time in an entrepreneur’s life. Normally we’re not looking for a new app or platform, but in between emails from people I like to offer their favorite ads in FB and ad email partners; things find us good?

Do you know how you go to a new store for one and end up getting a basket full of things that you didn’t know you needed?

Since part of my job is to be aware of what makes business and marketing more efficient and easy, I go to the office to recommend and stay up to date with what is in it. It’s worth it.

One of the drawbacks of research, as you probably know, is that it is a bottomless pit in which we love to spend time. This not only serves us for learning and entertainment, but also greatly distracts us from the work we don’t like to do.

I wish I could make a joke, and you know exactly what I mean.

Let’s return to the main topic. There are times when promoting a tool or new software was not something we actively searched for, but it reminds us of a problem that we have and want to fix. Taking a credit card can be a valid and sometimes sensible idea, and others advise you to get out of the buying button.

Here are a few questions to ask before you click “Buy It Now.”

What problem do you want to solve?
Is it suitable for work?
Is buying a tool the right decision or is it time to hire a person?
What return do you expect from your investments?
Is this the right version now?
Issue 1 is the most important thing to clarify, and the self-appointed retail therapy man wants you to be wrong. Suppose you get a promotion of social media planning software and think, “That’s it. I will finally go out and comply with my social marketing.” Slow down. Platforms like Hootsuite, Social Queue, Buffer and others are as good at maintaining your consistency as they are in filling the pipeline. If you’re not willing to spend an hour or two a week recharging the system, you pay for something you don’t use.
The question of the right tool can be simplified by knowing how you like to work. I need a beautiful and easy-to-navigate interface. I like drag and I need direction. (That’s why I couldn’t understand Asana all my life.) Customer service is also high on my list of requirements. Do you care about getting email support for only 48 hours, or at least want to chat during business hours?

The answer to question 3 may simply be a person. Chances are it will cost you more money, but money shouldn’t be the only deciding factor in making trading decisions. Don’t you have the money to attract more customers or do something twice as fast? Never make decisions based on money.

4 – Will the investment in this tool pay off so that the costs are justified? Whether you’re investing money or time in all aspects of doing business, you need to think about ROI. If the software costs you $20 a month but gives you 5 new potential customers or saves 5 hours thanks to automation, this is a great ROI.

And finally, these costs – even if they’re “only” $20 a month – are right now, or should you put aside money for something later that will have a bigger effect? Resources are very important to our business and we can always find a way to spend them. Weigh each expense to suit your long-term goals.

It’s impossible to keep up with all the cool new apps, software, and platforms that promise to help us be visible. And many of them either offer a free trial or don’t have a one-year contract, so you can test them for a small fee. Before you even try something, clearly identify the problem that needs to be fixed. There is no point tinkering with social planning software if you have an accounting problem. And there’s no reason to mess around with a tool that takes time, you don’t have to get the result you want.

Before you start researching, work on your business problems and plans, and I promise you’ll have more time for what you like about your business and others for things you don’t like.

Gregory Ann Cox is a free-spirited entrepreneur who markets in a fashionable way, not using tedious and boring content, but with a new perspective on moving away from “soft words”. From working as a freelance writer in New York City to opening her own restaurant in San Diego, she is also a world-renowned writer. His latest publications are “Everything Is Food” and “Your Genes Don’t Determine the Size of Your Jeans.” Gregory now specializes in online copy evaluation, Made for You services, and speaker and interaction services.

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