ARE YOU WATCHING YOUR COSTS AND EXPENSES?

ARE YOU WATCHING YOUR COSTS AND EXPENSES?

Are you watching your costs and expenses? I certainly hope so; I know I am. This week I want to warn you of something. There are a lot of great deals out there right now; many are worth taking advantage of; many aren’t. Recently, a contractor friend of mine in Dayton called me and said he had a Bobcat (skid steer loader) that I should buy from him. He told me he paid 32K for the machine and it was in great shape and he would sell it to me for 20K. I told him I didn’t need a Bobcat and he said, “I really need the money, how about 17K?” I have 5 Bobcats; I don’t need a sixth one, and even though it was a great deal, if I don’t need it, I’m not going to buy it. Cash is king, folks; preserve as much of it as you can and be smart. Spend money on things that make sense, but don’t spend money on things you don’t need. Now is a time to make investments in your people and yourself; get them ready for the recovery. But don’t add assets that are going to be idle and sell the assets you aren’t using.

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