From the course: How to Protect Business Profits in a Financial Downturn
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Prioritizing your spending
From the course: How to Protect Business Profits in a Financial Downturn
Prioritizing your spending
- When thinking about where you're spending your money, it's important to keep in the mind the idea of first things first. This means that once you've identified what you're spending your money on, you need to look at where you're spending the most money and what money you're spending that generates revenue. To do this, there are really three big questions you need to ask. Who are your top vendors? What spending looks hot? Especially compared to industry averages. And what money do you spend that leads directly to revenue? After you've answered these questions, you might find that some of the spending that you've been doing doesn't make a lot of sense. If you spend one dollar and it turns into two, that's a dollar you want to spend everyday. But if you spend a dollar and it turns into nothing, that's a dollar you want to cut. If you're just spending money for the heck of it, you need to stop. And if you're looking at…
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