[INFOGRAPHIC] How To Make Good Spending Decisions For Your Business
November 6, 2017Entrepreneurship
As a business owner, making spending decisions is one of the things you will do frequently. Money is a very scare resource and how you decide to spend it could make or break your business.
Deciding on how to spend money can be a very complicated process flawed by our inherent cognitive biases. However, when you follow the steps in the infographic below, you’ll able able to make good spending decisions which help you achieve your business goals and prevent you from flushing your business down the drain.Money is a very scare resource and how you decide to spend it could make or break your business. Click To Tweet
To Illustrate how the decision matrix works, let’s say SesiWeb, a web design company wants to decide on which web hosting platform to use for their clients. They search online for possible solutions and after researching and reviewing each possible solution, they narrow the list down to four choices and decide to use a decision matrix to rank each solution.
They decide on key specifications and rank each possible solution on a scale of 1 to 5. Here is what their decision matrix will look like.
So after the analysis, SiteNinja.com gets the highest points so SesiWeb decides to buy hosting from SiteNinja.com and they arrived at this through a good decision making process.
Follow the process and you’ll have a good chance at making better spending decisions for your business.
Making spending decisions is an integral part of running a business and is critical to your success. It is essential that you learn how to make them right.
My Recommended Resources
Here are my most useful tools and services which I recommend to help you achieve your goals.
- Siteground for hosting your website
- OptinMonster for building your email list
- Mailchimp for email marketing
- Divi theme for building your WordPress site
- Wave to manage your company’s finances
- Hubspot for managing your customers
- Buffer for scheduling social media posts
- Crisp for your website’s livechat
- The Lean Startup, a great book on how to build startups
(Note: Some of these links are affiliate links meaning that if you click on them and make a purchase I will get an affiliate commission or some form of reward at no extra cost to you. Read my affiliate disclaimer)
Businesses I Am Building
Invent Electronics An Online electronics components retail store
Wires & Bytes A Software development startup
Nova Agrisystems A Tech inclined Agric Company
Nsesa Foundation A tech inclined Social Entreprise
2eweboys.com A creative writing blog
Sesi Consult A digital and business consultancy
Do you want to start your own business and don’t know where to begin? Or you’ve started your own business and you need expert advice to help you grow? Or you need help getting your business online?
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