Why I don’t skimp on any of my business expenses
EPISODE 28
Notes
My main advice for anyone in small business is that they should have a budget and keep a close eye on their finances.
So, it might surprise you to learn that I spend a whole lot of my business cash on all sorts of expenses - from the best-of-the-best systems, contractors, staff, insurance, and more.
However - I don’t spend any money that isn’t worth it to do so. In this episode, I’ll take you through the decision making process I run whenever I decide to invest in a new expense.
These are a series of checks that help me understand whether the expense will save us time, promote collaboration and elevate the experience for our customers. I also assess whether it’s the right time to invest in the expense and if the business can afford it. And at the end of each financial year, I run what I like to call our Marie Kondo joy test of expenses.
Having a budget doesn’t mean skimping on things. For us, having a budget means ensuring we are bringing in enough revenue to afford all the things that we need and want in our business, while still being really profitable.
This episode will help you understand how to ensure your expenses are aligned with your needs and how to review them each year to ensure you’re getting the most out of the money you’re spending on them.
About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
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