Where to Splurge vs Save in Business
February 4, 2020
By Landry Jones, Updated 2/3/20
When it comes to deciding on where to Spend and where to Save money within your business, there are two main arguments, time and money. Ask yourself when making decisions, is it going to save me time or money?
On tomorrow’s Webinar, our Key-Note speakers are Jeff Fabian from ONIT Energy USA, and Scott Johnson from Alarm.com. Jeff Fabian will be covering ‘How to Recruit & Train’, while Scott Johnson will be discussing ‘The Best Products & Tools to Grow Your Business’. These are both pain points we have heard week after week from Mastermind Members. Do you struggle with finding the right employees? Do you want to know what products you’re missing? This webinar is for YOU!
If the answer is yes, then go ahead and splurge. This biggest spend should be on services that will save you both time and money. Examples of these services are Accounting, Legal, and Marketing. If you ask our SIS Marketing CEO, Todd Fitch, what to splurge on for your business, he will say a Lawyer and Accountant. With both of these services, you are going to earn back a lot of time in your day, as well as protection for your business. Both hiring employees and outsourcing work are great ways to splurge for the benefit of your company too. It's always worth it to spend a little more on a skilled and experience employee who in the end is going to save you time and bring in profits for your business. All of which are aspects of #GrowingYourBusiness!
If the answer is no, most of the time you should save your money. An example of this is office supplies or software that could be free. If you’re a small business just getting started, there is software that can take the place of many things, like an accountant, until you can budget it.
Knowing where to spend and save money when starting out is tough. We recommend you begin with understanding your business's numbers, then creating a budget to stick to. If you have any questions about a budget for your company, or maybe about where you should splurge vs save, we've been there and would love to help, reach out to us at Bfitch@SISMarketing.com.
