How I View My Business Expenses (and How My Mindset Has Evolved) - a podcast by Rick Mulready
from 2022-09-02T01:00
With all of the economic uncertainty going on right now, I have focused the last several episodes on money and finances in business. I continue to get questions surrounding this topic so I’m diving deeper into it in this episode.
A lot of you have been asking what I personally have been doing with my money in my business, so in this quick tip episode of Art of Online Business, I’m sharing a behind-the-scenes look at my business and how I view my business expenses.
My view has evolved over the last several years. At first, I spent freely. If I wanted something, I got it. After a while though, I really started to be conscious of my money, and I realized that my profit margins were much lower than I expected. That’s when I started to change my mindset around my business.
We’re here to make an impact, and we can’t make an impact if our business isn’t making any money. I am now much more strategic and intentional about my business expenses and look at it all from an ROI perspective and not just a financial one.
In this episode, you’ll learn:
- How I used to manage my money in the early years of my business
- When I realized that my profit margins were low
- The way my bookkeeper helped me change my mindset
- The 2 different categories that I put my expenses into
- Why I prefer to see them as investments instead of expenses
- How I evaluate ROIs on the business expenses
- The way I look at profit margins for my offers
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Full show notes available at www.rickmulready.com/631
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