Does your Business have an expensive lifestyle? I just had a meeting with my manager and we’re talking about cutting some cost. We did get our PPP loan and the economy is a little affected in where we are but the point. I wanna make and the realization that I had during our conversation is that just like a people can have a certain lifestyle.
Businesses can also have an expensive lifestyle. It is easy to cutoff a certain luxury in your personal life. Like big house, nice car and get stock in a game were your cost of living is very expensive.
Lifestyle vs Business
In other word is you’re overhead, you require a certain amount of money for you to support your lifestyle. It is the same thing that applies in business like you have new trucks. You can have tons of extra equipment lying around. Personal stuff around like a motorcycle all the stuff that you don’t need but you like having around.
Makes you feel good, convenient, more comfortable when you want to use it. It is easy to cut a lifestyle with a business of acquiring more than what you need. Letting your over head that hire than you needs to be and then you require to keep a certain level of income and certain charge rates to support that lifestyle that you’ve develop to your business.
Some examples in your business in terms of lifestyle, decisions would be where you decide to have your office in terms of rent. Do you keep you trucks where you rent your house and keep your overhead low?
Some of the stuff obviously supports your company and retention. That may not be the best examples but there’s some things in there. Having nice shiny trucks versus old trucks or renting a tractor that you can definitely eliminate and lower your overhead. Meaning you’re saving a lot of money or can afford to drop your cost a bit to cover your overhead and prioritize financial where credit will be needed.
I want to put a little sit in your head on how business can have a lifestyle and you need to keep that checked and sometimes re visit to make a necessary adjustments. Check out the website at ReadyBusinessSystem.com.