I’ve now started two businesses, The R Shawn McBride Law Firm, PLLC, which is now in its fifth year of existence, and McBride for Business, LLC, which just started in 2016. These businesses have started very differently. When I started the law firm, I was very careful about my expenditures, and I didn’t want to spend too much money on different things. I wanted to really make sure that I was being fiscally responsible, but it cost me big money, in the long run. I missed a lot of opportunities. I looked too closely at what I was spending, and not enough about what I needed for the business.
Being in business costs you money. Ask any successful business owner, and they’re going to tell you they spend a lot of money on their business. A lot of different issues need to be handled, different things need to be developed, and the business name needs to be promoted and supported. Sometimes, indeed often, there’s a trade-off between time and money. The more something costs you, the less time it will take you, and the cheaper something is, the more time of yours it will waste. You want to make sure you’re always on the right side of the time-cost continuum, and these changes over the life of the business – but always make sure you understand that.
What is saving money costing you in time? What business opportunities are you losing? Who are you not meeting with? Who are you not pitching? Who are you not being in front of, and what materials are you not developing to support your business and making you better at your core functions?
On the conference and events side, I used to always go to free conferences and events or inexpensive conferences and events, but guess who I met there? I met other people who were not spending money, and going to inexpensive conferences and events. As my business grew, I started to get more comfortable going to higher-end events, often having higher price tags and more time commitment. But the people I met there were the people that were building their businesses. They were investing time and money in their business which in turn meant they would spend money with my business or knew people that would, which allowed my business to grow.
Think carefully. Are you being penny wise and pound foolish? Are you doing things to save money, but costing you lots of revenue? Think about it.
What’s been your experience with trying to save money in your business? Have you struggled with this? Have you had times where your unwillingness to spend money has cost your business? What’s your current philosophy? Please discuss with us in the comments below. We enjoy hearing from you.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Photographer Deb Collins.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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