I used to work with a client who was very thrifty—they were constantly making do with second-hand equipment and counting every piece of paper and paperclip. It was a great lesson for me in learning when it is good and beneficial for the business to be careful and thrifty, and when it costs more to keep using outdated equipment and supplies than to just purchase new ones.
None of us is particularly fond of expenses in our home businesses. We know full well that expenses eat into our profit and affect our bottom line. But, the thing is, we are going to have business expenses regardless and the important thing is to take EVERYTHING into account when we evaluate expenditures. How much time is it taking to keep fixing that rattly old copy machine? How much paper is wasted with jams and misprints? Would it be more cost-effective for the good of the business to have the initial expense of purchasing a new one than to keep trying to work with an inefficient old one?
Of course, there are times when we just have to make do with what we have. We don’t have the money for a new purchase, or it makes more economical sense to make do instead of getting something brand new. We also don’t always have to have the latest and greatest for our businesses if it doesn’t make good financial sense.
I think that we also cannot overlook the “moral” issue. I know that most of us don’t have a bunch of employees to worry about, but we do have our own moral to look after. I know that a certain amount of thrift and “make do” makes me feel powerful and sensible—but too much and I slip into feelings of resentment and deprivation. I do not always WANT to be counting every single piece of paper and paperclip, it contributes to my feeling a lack of motivation and success in my work. So, for me, there comes a point when making do is harder on my spirit and business then it is to bite the bullet and make a purchase.
Also: I Love it When Things Work Right!
Keeping Track of Business Expenses
Don’t Forget About the “Little” Expenses