No investment is a sure thing. But as every good business owner knows, without risk there’s no reward. If you had $500,000 to invest, what would you do with it? Would you make a personal investment or put it back into your business? How would make sure you get the most out of your money?
If I had $500,000 to invest, without a doubt, I would invest that money into my largest business asset with the highest rate of return. For me, the investment choice is easy. Labor costs make up the largest law firm expense. Given its relative size, for most businesses, it is the largest budget item to influence. Accordingly, I would invest the entire $500,000 into the personal and business development of my lawyers and support personnel (we call them ambassadors). Now, I have suffered the downside of investing in people who later do not fit – that is the risk. Nonetheless, once the person demonstrates that he or she wants to be part of the team and contribute to the ideal law firm, he or she will get their relative share of the $500,000 investment in the form of: exercise classes, language classes, healthy food options, meditation classes, parenting classes, coaching, personality testing, retirement funding, educational funding, Karaoke nights, wine tasting, spa weekends, vacations, kids day, golfing, kite-flying, surf lessons, etc. These personal investments draw the best talent, and the best talent would be grateful for such an opportunity. Gratitude in turn creates abundance. A simple and almost risk-free return on my investment. Sounds like Pollyanna? Let’s hope the competition continues to think that.