BSS Podcast Ep. 50 – Do you need more, to make more?

This week Mike is remote, and Ryan is in studio as they discuss the concept of having to have it all to get it all.

After some much-needed reviews of the show that were shared by Ryan, they start by explaining a scenario that Ryan had on whether to leave his current content cave studio for a larger space of his own.

Ryan’s mindset towards decisions like this is, if the cost, regardless of price, is not going to return on investment by 4-5 times, it’s not worth it. He mulls over choices and really studies how and when and if a return can come to fruition. He wants to operate as lean as possible for as long as possible. He’s looking for maximum profit. In this case, he has to say no to some luxuries he wants to keep his eyes on the prize.

Mike, for better or worse, says he can justify a return on investment with just about anything! It does not take him long to make a choice, pull the trigger and spend some money. It’s taken him some trials and tribulations to learn this as he’s struggled in the past with the image, he puts out there. Ultimately, with time he’s learned that the big office, the extra expenditures are not what he’s looking for initially. It’s a better use of his funds to trim the fat and reallocate to a more efficient purpose or resource.

BIG TAKEAWAYS ON THIS EPISODE:

• More revenue does not necessarily mean more profit. Sometimes cutting down on expenses, getting better equipment, getting a better process for a quicker turnaround is what’s needed to maximize profit.
• Cash is king. This year we’ve seen many businesses needing to borrow, terminate, or get creative in order to fund the operation of a business.
• Take the emotion out of the decision. Put your wants aside, run the numbers and the data and use the hard evidence to make better decisions.

Tune in to this episode to hear more and tag us, leave a comment on social media!

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