Decisions from Your DigitsJan 27, 2024
Did you know our brain makes decisions almost every second of every day?
All the simple things like what to eat, when to drink, should I make a latte or a cappucino, just to name a few.
Making decisions from your business finances is one that we can forget we have the power of let alone knowing how we can achieve this from being across our digits.
Making purchases in our business often happen on a whim, moments of panic when our most valuable device is about to sh;t itself, or our website needs an urgent update that we need to pay someone to fix for us.
When is it a good time for these extra spends within our business?
Like most things in life, there is never a good time. Often things of the urgent nature happen when we need it the least or when we are stretched financially.
How do we navigate when is the right time?
Knowing your business finances intimatley can help us spend at the right time. Having our finger on the pulse of the profit in our business helps us know when we can make those more costly expenses.
Sometimes this lands towards the end of our tax year, before the year ends, looking at the years results and seeing what profit we have, can lead to us making that larger purchase to lessen our tax payable come the end of the year.
If you are a while off from that end of tax time, having your business finances up to date and knowing how the digits are flowing, can help you see the trend you need to plan for that extra purchase.
Another option is having the “rainy day” funds aside in your business. This is where we save money, putting it aside weekly or monthly for when you need it.
Learn more about staying in control of your business finances in The Money Barista Club