If you’re looking to run a lean, efficient business, where are the places you should and should not spend money? How can you enhance your cash flow?
Here is a simple distinction that will help you make smarter strategic choices for yourself.
The distinction is between “strategic expenses” and “non-strategic expenses.”
Essentially a strategic expense are expenses for things that concretely help you improve the current and future health of the company. They help the company reach its core goals of growth, profitability, and long term sustainability.
Non-strategic expenses are everything else.
Here are some examples of strategic expenses:
Non-strategic expenses include things like:
The three guiding principles when it comes to evaluating expenses and strengthening your cash flow:
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