Why I Pick Up Paperclips
Founder + Partner + CEO
Published Monday, April 13, 2020
When I first started ScreenBroidery 12 years ago I bought office supplies, including my all-time favorite: paperclips. It only cost me a few bucks for 250 paperclips; they are efficient and a great tool to keep you organized. I use them every day and still have the original box I purchased 12 years ago. How do I still have the same box full of paper clips? I reuse them, I pick them up when I see them on the office floor, I save them when others send me documents. I believe that throwing away paper clips is the same as throwing away money.
Successful business owners understand every dollar spent must have a purpose. Paperclips are an analogy for a larger concept. Paperclips don’t drive revenue. They don’t get or keep customers, make our products better, and they don’t get our customers excited to work with us (and neither do a number of other expenses such as: foosball tables, landscaping, printer ink, fancy coffee pots). They might make people feel good and improve work environments, but they don’t drive revenue. They should be monitored and spent sparingly.
In the recent downturn of the economy, now is the time to be saving paperclips and investing in customers. The winners in this economy will be the ones who understand this concept and manage their budgets accordingly. They will always pick up a penny on the ground because every cent matters. The winners will never throw away a paperclip - not because they are cheap, but because over time they understand you have to spend money (and spend it heavily) on the things that will make you money.
No matter what the economy looks like, successful business owners will never let up on reaching current and new customers. This is the time to be investing in the things that really matter: people, products, and promotions. If spent wisely, these investments will see a return, better the business, and generate revenue.