Money Makers Myth #007 – I won’t be able to grow if I take money (and profit) out of my business
I know that we so often hear – you need to spend money to make money – but that is true only up to a point.
Spending money in our businesses is not all bad…it’s only a bad thing if it’s not done VERY consciously.
Too many business owners are spending money on things in their business that they don’t NEED to grow – they are nice to have things – but at the same time, they are not taking any (or very little) money out for themselves.
You need to be really HONEST with yourself about where the money is being spend in your business – are you getting return for the spending?
If you are – GREAT.
If not – then you need to examine what is happening and if that spending really is needed.
You see, all spending does not fuel growth.
So if you look at the spending you are doing in your business – is there some that is not fueling growth?
Cut that spending out…and free up money for yourself.
Be really honest with yourself.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!