Don’t Be A Stingy Entrepreneur!

Running a business takes money. You have to purchase goods to sell to your customers. Or you need to buy services to improve your business. Whatever the reason when it comes to your business’ expenses don’t be a stingy entrepreneur! If you choose to go this route you will harm your business. Maybe even cause it to fail.

Don’t Be A Stingy Entrepreneur! Pay For Services That Will Fix Your Business

Don’t be a stingy entrepreneur and try to avoid paying for services that will fix your business.

I recently had a conversation with a business owner who had a malware infection on his websites. Unfortunately, those websites spread malware to visitors so his web hosting company shut them down. Those sites will stay offline until the owner removes the malware.

Well, the owner didn’t want to spend any additional money to remove the malware. He said that the company just wanted more money from him. Finally, he had the gall to ask why wasn’t the malware cleanup free. I told him that no one works for free. Does he work for his customers for free? Of course he doesn’t! No one does!

In this case this entrepreneur was too stingy. He has a serious problem on his hands and doesn’t think he should spend the money to clean up his websites and get them running again. His cheapness is costing him money and his reputation. Because his customers and visitors will think he doesn’t take website security seriously and will wonder if he is lax about other aspects of his business.

Don’t Be A Stingy Entrepreneur! Realize You Must Spend Money To Make Money

Don’t be a stingy entrepreneur and dodge spending money on your business, or try to spend the least you possibly can.

The old adage is true: In business you must spend money to make money. Again, you have to pay for inventory to sell to your customers. You have to pay your subcontractors who help you complete a project for your client. That’s just the way the business world works.

Yet, I know business owners who do their best to keep from spending money on their business. Or they spend the least amount possible. If that means to purchase cheap good or lackluster services then he or she will. Unfortunately, this only hurts their customers. As they purchase unfit products or poor service and will be unhappy with what they got.

How To Be Smart With Your Spending

Here’s a good what to be smart with your spending: Research all available options.

Let’s say you sell graphic t-shirts. You need to purchase the t-shirts so your printer can place the design on them. Instead of searching for the cheapest shirt you can find, research different wholesalers who can provide you a good price on different brands of shirts. Once you have prices you can negotiate with these wholesalers to see if you can get a better deal.This way you could get a good quality shirt at a lower price. This, in turn, will make your customers happy because they got a durable product.

This tip works with services too. I talk about Web Hosting on my blog quite a bit. There’s several Web Hosting companies you can choose from, some large while others are small. Yet, each company has a Sales department that is willing to work with new customers. You can ask one company if they will match the prices from another provider. And usually they will for the first year of service.

So take the time to research all your options. It could help save you some money because you will spend it wisely!

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