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POLL: Small business owners: on what business expense do you spend the majority of your cash?
If you're a small business owner, please tell us where you're spending the majority of your money.
1. Wages
2. Rent/Mortgage
3. Inventories/materials
4. Transportation expenses
5. Business equipment, technology, software
6. Insurance (business)
7. Benefits
8. Taxes
9. Utilities
10. Marketing/promotions
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4 Answers
Equipment, technology and software (#5) is where my company is currently spending the majority of our money. I say currently because that will change within the next 6 months to a year as I focus more on Marketing. Part of being able to turn a more sizable profit is when I can easily spread out the large equipment purchases.
Because the business is centered around consulting and I can perform a majority of the work from my home office or the client site I am not currently (everything is subject to change)invested in inventory, rent or other expenses.
Wages - that is why it is critical to get the hiring right.
Craig Bissett CEO www.hiringsimulation.com
A recent study of small biz owners found that wages was number one, with inventories and rent coming in second and third. Here is a link to the very informative inforgraphic: http://www.openforum.com/articles/infographic-how-small-businesses-spend-thei...
The very best talent I can find and that my clients' projects can afford! There's no better investment, in my opinion.
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