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Spending Money Wisely to Grow Your Business [Ep. 42]
Manage episode 435009376 series 3523921
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In today’s episode, Laura and Julia share five tips for spending money wisely, so you can keep growing your business. Our hosts discuss where you should put your money in order to make the best of your resources, such as employee education, updated equipment, risky but exciting opportunities and emergency funds. When running a business, budgeting habits can make or break you, so join us to learn exactly the pitfalls to watch out for!
Takeaways:
1 - Keep a close watch on investments, and the particulars of their returns
2 - Despite the risks, identify significant and valuable opportunities to invest in.
3 - Maintain an updated stock of equipment and technology for their best results.
4 - Invest in training, mentorship and ongoing education for employees.
5 - Ensure you have access to stable and substantial emergency funds.
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Chapters:
00:00 - Introduction
04:32 - Suggestion #1: Consider ROI and the money you’ll get back.
06:02 - Suggestion #2: Put money into big opportunities
09:50 - Suggestion #3: Update your equipment!
12:17 - Suggestion #4: Train your people well!
14:18 - Suggestion #5: Keep a rainy day fund!
15:25 - Conclusion
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