Last week, we talked about the vital importance of understanding your numbers, the heart and soul of your business. Today, I’m building on that foundation by delving into another crucial concept that I often mention, which is aligned spending. So, if you’ve ever wondered whether every dollar you spend truly aligns with your business vision, this episode is for you.
Aligned spending is like curating your business’s capsule wardrobe – intentionally choosing investments that resonate with and complement your core business goals. It’s not about buying every shiny tool or service out there. Instead, it’s about selecting investments that seamlessly fit into your business vision and enable it to thrive.
In this episode, I share 5 actionable steps you can take to make sure you are spending to boost your business, not your bills. These are:
1. Know Your Goals. Understand your short-term and long-term business objectives and keep these in mind when deciding where to spend your hard-earned dollars.
2. Understand Your Finances: Get crystal clear on your financial situation. Review your recent business expenses to pinpoint unnecessary costs that can be trimmed.
3. Conduct Thoughtful Research: Say goodbye to impulse purchases. Always research potential investments, whether it’s tools, services, or partnerships and set a decision timeframe to avoid emotional spending.
4. Review and Adjust: Remember, your business needs to evolve. Set regular reminders to review and adjust your expenses based on changing circumstances.
5. Seek Advice: Bouncing ideas off mentors, fellow business owners, or financial advisors can provide fresh insights. Schedule a catch up with someone to talk about best financial practices.
Remember, it’s not about cutting expenses – it’s about infusing purpose into every dollar you spend. I challenge you to reflect on your recent purchases: did they truly align with your business goals? If not, that’s okay. Every step toward awareness brings the power to refine and adjust.
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