Starting a new business involves a host of challenges, and chief among them is knowing what to spend your money on—and how much to spend. You have to consider salaries, marketing budget, office size, technology services, and on and on.
Does Your Startup Have a Spending Strategy?
Don’t burn all your cash on a fancy office.
December 01, 2017
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Summary.
As a new business owner or startup founder, figuring out how to spend your money is hard. In this piece, the author offers five questions to ask yourself to establish clear priorities and guidelines: First, what is the impact of your expenses on potential clients? Second, how will your employees react to spending patterns? Third, do your colleagues understand that your spending is meant to benefit everyone? Fourth, what is your business’ core competence, and how can you focus your spending on that? And finally, what can you afford to lose? Building a business is never easy, but considering these questions will help you to start on the right foot — and stay standing long-term.