Monday, May 14, 2012
I always seem to be banging on about making sure that you do not waste money, both in business and in your household budget. I think that there are still many people out there who do not realise how much things cost and how much they could save if they change what you buy. I think that businesses are worse, especially companies where the accounts are only done once a year. I like to keep a constant eye on my income and expenditure and then I know exactly where my money is going and whether I can afford for it to do this. I see companies who are struggling and still spending far too much money on equipment like lab furnaces and marketing etc. It is great to get good quality equipment and use good services, but you do need to make sure that you can afford it because if you do overspend you could go out of business or end up ploughing a lot of your household money in to the business. It can feel like you need to invest in order to grow, but you need to draw the line somewhere and make sure that you are not investing too much and causing financial problems.