How To Navigate Big Financial Decisions In Your Personal Life or Business

We are often faced with decisions surrounding large financial commitments when we

are headed towards growth. Whether it be investing in a home, launching a business,

hiring more staff or making moves to scale and grow your business.

This often comes with stress and some anxiety. There are steps you can take to make

sure you are in fact making the best decision for your situation.

1. Break it down; clearly define the decision. Is this something that will truly move

you forward toward reaching your long-term goals? Or is this a short-term fix? Is

there a potential consequence to not making this decision now?

Spend time making your intentions clear for yourself.

2. Honestly evaluate your financial situation. Spend time looking at your income vs.

expenses and how this decision will impact your monthly cash flow. Compiling a

spreadsheet will allow you to see the bigger picture of how this decision could

impact your finances for better or worse.

3. ROI. Ultimately this decision needs to provide a return on your investment.

Whether it be that you will now be investing in your own home rather than paying

rent or will allow you to create more opportunities for growth in your business.

There are also non-financial aspects of ROI as well. Hiring someone to help with

your business needs will allow you the freedom to spend more time with your

family. ROI should be considered when evaluating the return on this investment.

4. Trust your instincts. At the end of the day you know your finances and your

needs better than anyone else. Take the time to check in with yourself regularly

and have an honest discussion about what this decision looks like and what it

may lead to.