Money in any context is an emotional subject, but in business, an emotional approach to the financial elements of your business can lead to disaster without having productive rituals in place to resolve these issues.

Needing money for your business. The next time an extra expense is presented to your business, justify spending the money with some reasonable return on investment. If you are spending money because you simply want that “new thing” for your business, regardless of the cost, you may be emotionally approaching the situation and you may be tempted to rationalize the spending of the money. Slow down.

If you are unable to justify some reasonable return at some point in the future, then this may not be an expense to incur.

A partner of mine used to say, “I do not make a business investment unless I get it back ten times in 18 months, or two times in 3 months, or all of it back in 10 days.” That rule may not work for everyone, but it worked for him.

Create a rule and follow it before you make your expenses bigger.

Strange statement: Find a way to never need money for the business. If a business needs money, it is in trouble. If it requires capital, there is a chance. There is a fine line and a distinction between needing and requiring capital, and the needing of money suggests a level of desperation.

Approach an investor, bank, or somebody who can convey some kind of value to help, and needing money stops the process cold. Requiring capital is more of a corporate disposition.

Requiring does not seem as emotion-driven as needing money. It is a simple action that is required for the business. It is simply putting inventory into coffers so that things can proceed. There is not the sense of desperation that is present in needing money. It is a huge difference and one that is critical to the success of your business.

Author's Bio: 

Hugh Stewart is a business coach committed to helping those who are ready to move their business to the next level. His confident solution coaching will enable you to…
○ Cultivate a personal culture of change
○ Optimize how you spend your time and focus
○ Design workflow around your most profound talents
○ Develop masterful delegation and outsourcing habits
○ Work on developing and streamlining your work processes
○ Create the clarity, focus, action & results you deserve
You will discover how to...
• Master time and attention management
• Maximize income and rewards based on your best talents and abilities
• Hire and delegate effectively
• Develop business systems
• Create a sustainable and referable experience for your customers
The Confident Solution Cycle is a unique process that uses your current skills and abilities to achieve a clearly identified objective. The process serves to cultivate a personal culture of change and success with specific areas of focus listed above.