A colleague of mine loves to ask the following strategic question at the start of every year.
How could I spend no money this year?
It’s a fascinating small business strategy, as it forces the owner to cut, cut, cut, cut down to the bone, removing everything extraneous from the enterprise, running as lean of an operation as they possibly can.
I envy people who think this way. Frugality is not a quality I possess. In fact, I waste hundreds if not thousands of dollars each year on unnecessary bonehead expenses that easily could have been avoided.
And I’m all for investing sweat equity, too. Hiring yourself is the most underrated strategy for improving efficiency while still keeping costs down.
But in the history of modern business, no enterprise has ever experienced explosive growth because the owner saved more money than his competitors. That’s like trying to make an omelet without breaking any eggs. You can’t save your way to success.
It’s one thing to run lean when you’re still in startup mode, but after a certain point, you have to invest in yourself. You have to spend a thousand to make a million, as my mentor once said. Because if you don’t invest in your business, how can you expect anybody else to?
It’s all part of maturing as an entrepreneur. You have to open your wallet first. It’s risky and it’s scary. And while betting on yourself may not be a guaranteed win, but at least it’s an asset you understand.
LET ME ASK YA THIS...Why are you afraid to spend money on your own business?
LET ME SUGGEST THIS...
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That Guy with the Nametag
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