I've been in business for 26 years and what I've learned was to always take steps forward and you have to spend money to make money. I'll explain.
Whenever it came time to replace a piece of equipment, I replaced it with something better designed and more powerful. Never take a step to the side. Never replace something with something similar to what you already have. Do your research. When a machine or truck starts giving me signs I think of it as an opportunity to advance and be even more successful.
Each business has different goals and needs. Know what they are and refine your business to meet them. Do you want to build a business like your competitors or do you want to go far beyond them? Make your own path.
As far as spending money to make money goes, good equipment costs more yet makes you more money faster. So, if you have confidence as a business man and you see something that makes you say,"That is going to make my job easy." Get it and it will.
Do you have equipment that sits around unused? If it's sitting, it's not making money. If you had an investor tell you that you had a bunch of money sitting instead of growing, you would hire a new investor and reinvest. You want equipment that works all the time and does multiple tasks. You want to be diverse like an investment portfolio.
My business is a polished stone. When I retire, it will be a diamond.
Check my business out on facebook.
Glenn Gerasimek
Gerasimek Tree & Stump Removal, Inc.