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Business Finances

4 Steps to Confidently Make a Big Purchase for Your Business

Feb 10, 2024

How do I make a big purchase for my business? 

Making a big purchase can be hard because there is more to consider than just the money. Grab a cup of coffee and let’s dive into 4 steps that will help you confidently make that decision.

1.) Do Your Research

Search the cost on different websites if possible to see where the best deal might be. Don’t forget to make sure wherever you are going to purchase ‘it’ has good customer service.

Look at all the reviews you can find to see what others are saying about the item, the company, and any other information you can see.

Watch some YouTube videos to see how hard it is to implement and maintain. How much time will it take to learn how to use it?

2.) Look At the Cost of Procrastinating

Will it make me more money if I invest in this purchase?

Are you waiting because you are attached to what you already have? Being familiar with something doesn’t mean it is not wasting our time or money.

Is it costing you more time by waiting? Is it costing you more money from the delay? Will it stop your business in it’s tracks if the old one breaks?

3.) Prepare Yourself

Where is the money coming from? Will you need to take money from something else in order to buy it?

Will there be a learning curve? How long will it take you learn how to use it?

Can you buy the new one while you are still using the old one to give yourself time to learn what you need to about the new one?

4.) Make a Plan

Start stashing money in a separate account so when you are ready the money is already there.

Set up your calendar with extra time to learn. Set it aside before you get it to make sure you can actually use it when you have it.

Create a backup plan to switch over or to change. What will you do if it takes a few days to set it up? Who do you need to have on standby to help if needed?

Don’t wait until it’s going to keep you from doing business! Follow these 4 steps to handle those big purchases for your business with confidence and stay in control of your business finances!

Celebrate your decision and your investment in your new purchase! Let it help you do business easier, better, quicker, or much more!