This is a personal question for so many, including myself, but why I asked this question is, sometimes it is better to be a spender rather than a saver if that means it will help you and your business continue during the COVID -19 Crisis and beyond.
Frankly, I’m personally a saver, where I can I will try to put some money away for a rainy day, but when it comes to these unprecedented times during the COVID-19 Crisis and beyond, many businesses are spending money to pivot, to bring in new resources into their business, retraining staff into other areas.
We have been taught since we have been young to save, save, save, and I encourage everyone if they can put some money away as a buffer in business, then definitely do that, especially now.
But if it means keeping your business afloat, paying bills, paying suppliers, paying contractors and keeping your business ticking along, then yes, spending now is a great idea.
So where are you at today?
Are you spending more on your business?
Are you saving and keeping a buffer aside moving forward after COVID-19?
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047