As a small business, sometimes spending a large sum is the catalyst for growth. Investing in a highly priced item, equipment, building, or service may be the difference between staying small and cashing in big. Because of the ramifications, business owners must be smart when making the leap for their organization. Mike Kappel gives a few suggestions on how to be smart when making a big purchase or investment.
- Have clearly defined needs
- Plan ahead
- Pay attention to financials and cash flow
- Can you afford the item?
- Look for hidden fees associated with the product or service
- Select your vendor or product wisely