Not Looking Critically At Each Expense

Joe Morgan was recently quoted in a Forbes column “10 Common Cash Flow Mistakes New Entrepreneurs Make“, as a member of the Young Entrepreneur Council (YEC).

You should justify every expense and ask yourself how it is going to pay for itself. You would be surprised how often expenses do not pass this test. Using this mental exercise on each purchase will keep you from spending money on unneeded expenses and help you better understand the purpose of that purchase. This is particularly true for recurring expenses that can easily strain the cash flow of a new venture.

— Joe Morgan, Joe’s Datacenter, LLC

Scroll to Top