Eight Questions to Ask Before Making a Business Purchase

June 8, 2018 107 views

Image of someone making an online purchaseIsn’t life all about desires? Our desires drive and motivate us to move ahead. We are in business now because of a desire we once had. Everything we do during the day is because of a desire. The more we want something, the easier it is to get it, and the more we enjoy its pursuit.

Have you ever wanted something really badly, kept concentrating on it, and after you achieved your goal you were amazed at your ability to do it? That’s the power of focusing on what you want. It’s a powerful practice and a good motivator.

If there’s one thing that can negatively impact the stability of any business, it’s the practice of making purchases that are unnecessary or premature. For example, purchasing products and services that we think will improve sales, or getting toys and luxuries before our business can even afford them.

Sure, we all want the latest computer system and the fancy office furniture, and we want our offices to be decorated to look really great. We want the company car and all the other perks of owning and running our own highly successful businesses. Sometimes we want these things so badly that we get caught up in their acquisition and we forget about running our businesses.

Successful business people do it the other way around. First, they make money. Then, with a portion of the profits, they slowly acquire the perks.

Here are some questions to ask yourself in order to stay on track when you feel you want to buy a product or service:

1. Does my business really need it?

2. Will my business survive without it?

3. How many sales will I have to make in order to pay for it?

4. How much will it improve my business?

5. How many times a day will this product or service be used?

6. What is the most important benefit that my business will reap from this purchase?

7. Is this the right time to incur this expense?

8. What will it cost to operate or maintain this purchase?

Answering these questions honestly will help you make an informed decision regarding the wisdom of any kind of business acquisition.

Your business is like a car. If you take care of it, it will take you very far. Overload it, use it as you would a dump truck, or neglect it by providing little or no maintenance, and it’s sure to break down when you need it most.

Maintain your focus and your desire to increase your business’ sales, profitability, customer service, and stability and you will be much more likely to get what you want in the long run.

That’s The Way I See It!
Acey Gaspard
A Touch of Business.com