In this episode of The Australian Business Podcast, Jordan Kidis & Danil Goloubev talk about the top 5 business purchases to spend money on in your business.
Why saving money isn’t everything
We’re huge fans of profit-filled businesses. Make it rain cash flow! Yummy-yummy cashflow!
And let’s get real: if your business ain’t got not profit, it’s just a ‘concept business’, right? It ain’t real, right?
Of course.
But…
You should also be prepared to spend money where it makes financial sense.
‘No s#$t, Sherlock’
The thing is, we’ve often trained ourselves to avoid all kinds of spending, thinking that ‘less is more’.
It’s like the idea of a ‘guilty pleasure’ — which is silly when you think about it. You shouldn’t feel guilty about spending on things that make you happy… provided you have a plan and you’re emotionally in control!
Sometimes the best thing you can do for your business… IS SPEND!
Knowing this is a critical difference between a growth mindset and a fixed mindset. Being growth focused means you unlock more growth… provided you spend/invest wisely.
So where should you be spending?
Well, you’re in the right place.
Here are the top 5 things to spend money on in your business:
- Inventory, supplies tools or other assets
- Quality staff and training
- Marketing and advertising
- Technology and software
- Professional services
Grey Space Advisory – snag a $100 health check
Rask – Get Owen’s best investing research
