One of the biggest decisions small businesses face is how to spend profits wisely to grow, and how to stay profitable when the economy slows and clients cling to their cash. For businesses of almost any size, consider these 10 key guidelines in deciding where to cut corners and save and when to invest to grow your business.
- Will the investment improve the quality of your product, service, or client experience? Before I sold my training company a few years ago, I felt as though I faced R&D expenses as regularly as oil changes in my car. The company had 20 full-length (2-day) communication training programs in addition to my keynotes. That meant as soon as we finished the updating cycle on one course, it was time to start over again! Of course, updating costs money. But because our clients valued quality, up-to-date research, we continued to invest in curriculum updates over and over and over.
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