Running a business requires tools and resources, and when it comes to acquiring those resources, you need to be savvy.
In this episode, Tim and I discuss the difference between costs and investments. Many people think everything you buy is a cost, but today we want to dispel that myth and share an alternative viewpoint.
We also share why it’s important to not be afraid to use your resources to reach your goals. We give some examples of when you should invest and when you should consider holding back.
WHAT YOU’LL DISCOVER:
- Understanding the difference between a cost and an investment (1:15)
- The two currencies available for you to spend in your business (2:37)
- How to know when to invest (4:30)
- A small success is still success, so what do you have to do to achieve it? (7:35)
- Cost is not always equal to value (10:44)
- Determine your ROI (12:43)
- Examples of a typical business expense (17:04)
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