The 7 Deadly Sins of Building a Contractor Business - 06 - Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait for the Economy to Turn

Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait for the Economy to Turn Let me introduce you to a fundamental business principle: You can never save your way into prosperity. Never. Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it. Are we clear? You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands. Do not fall into the same trap. The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well. "Spend on what?" you are probably asking. Listen for more!