MBA2381 Q&A Wednesday: Should I give my team a raise or invest in marketing?

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 25 October 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

When you make some profit in your business, should you give a raise to your team members or invest the money in marketing? It's a tough question, as both options have their benefits.

On one hand, investing in marketing can help grow your business and bring in more customers. On the other hand, rewarding your team and creating a better working environment can lead to an improved customer experience and product. In this episode, we explore the pros and cons of each option. Omar discusses the long-term commitment of giving raises to your team members versus the variable nature of marketing expenses.

Remember, as a business owner, the final decision lies with you. Our goal is to provide guidance and insights for you to make an informed choice. Click Play!

Transcript

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0:00.0	Heyo! Welcome to the $100 MBA show Business Truths delivered on a silver platter with our practical business
0:15.6	lessons. I'm your host, your coach, your teacher Omar's in home. I'm also the co-founder of Webinar Ninja
0:20.9	an independent software company I started back in 2014.
0:24.3	And in today's episode we have Q&A Wednesday.
0:26.7	On Q&A Wednesdays we answer a question from one of you, one of our listeners.
0:30.0	If you got a question you want to ask, go ahead and email me over at
0:33.0	Omar at 100 MBA.net.
0:35.8	Today's question is from Emory, and Emory asks,
0:38.4	I made a bit of profit in my business and I'm looking to reinvest.
0:41.8	Should I give a raise to my team members or should I spend the money on marketing?
0:47.0	It's a bit of a tough one because marketing will help grow my business, but investing my team and holding on to my great players will allow me to create a better experience for my customers.
0:56.5	Would love your advice, Emory.
0:58.5	First of all, Emory, congrats on making some profit and being in the position where you have a good problem to solve
1:04.4	where you have some money where you want to reinvest in your business should you
1:07.6	spend it on marketing should have spent it on raising your salaries for your
1:11.5	team members we're to get into it.
1:13.6	And every business owner is going to go through this at some point.
1:16.9	They have some profits and they need to reinvest so the business continues to grow.
1:20.6	Where do you put that money towards?
1:22.4	People that are in a growth mindset that are like more sales, more customers,
1:25.0	they're going to think of course, spend it on marketing, make more money,
1:28.0	and then you can spend more on your team.
	...

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