How do you actually spend money to make money? What does it look like to reinvest your money and time in a way that will actually drive the growth of your business forward and increase revenue?

In this conversation, Meghan and Braden are breaking down the different expenses we face as business owners and sharing what you can do to strategically reinvest in your business in a way that saves you time and gives you a return on investment. They discuss opportunity costs, #moneyhacks, delegation as a business owner, how to truly cut costs, share what you shouldn’t spend your money (or time) on, and highlight the secret sauce that only you can bring to your business as a leader.

If you’re feeling stuck or stagnant within your business, tune in to learn how you can reframe your mindset around managing the costs of your business and making the right moves to spend money to make money!

Key Takeaways:

[:13] Meghan and Braden catch up.

[:48] Meghan and Braden’s favorite #moneyhacks.

[3:42] Welcome back to the Virtual Practice Podcast!

[4:10] About today’s topic: how to strategically reinvest in your business.

[5:37] Braden outlines the different types of expenses we face as business owners.

[7:08] Dispelling the myth that time is “free” and why we need to account for it in our business.

[9:00] What is “opportunity cost” and how does it impact our business?

[10:10] The two things you can reinvest in your business at any given time.

[11:26] Your secret sauce: the unique value that you bring to your business (and how to leverage it instead of wasting it).

[14:00] How to truly cut costs.

[14:47] Why you need to delegate as a business owner (“80% done is 100% awesome”).

[15:49] Smart expenses that Braden has in his businesses that help to drive growth and increase revenue.

[18:32] Meghan shares her smart expenses in her own business.

[22:28] The investments that Meghan always sees consistent value in.

[23:12] What you shouldn’t spend money on or invest in as a business owner.

[23:58] Meghan and Braden’s top three key takeaways.

[25:14] About next week’s episode!

[25:28] Regardless of your background or credentials, if you want to build a practice or business that creates impact and health for others, Meghan and Braden are your team!

[26:07] If you are looking for a place to see patients and you don’t want the hassle of contracts, rent splits, or commitment, head on over to HealthHives.com to create your free account!

[26:17] If you found today’s episode helpful, please consider leaving a review wherever you listen to the podcast!

For More on the Virtual Practice Podcast:

Visit HealthHives.com/Podcast and join us on Facebook and Instagram @HealthHivesCo.

For future episodes, visit HealthHives.com/Podcast!

Tweetables:

“Taking your time/deploying your time to compensate for not spending money comes at a cost. It’s something called ‘opportunity cost.’” — Meghan Walker

“At any given moment, you have one of two things you can reinvest in your business. You can either reinvest money or you can invest your time.” — Meghan Walker

“You get to decide the best way to use and deploy your time.” — Meghan Walker

“When we talk about cutting costs, part of [it] is really getting clear on what your time is worth and how it is best spent. Because spending more for appropriate support is actually a way to cut some of the costs in your business.” — Meghan Walker

“Your time is massively valuable and should be spent in a small arena of activity.” — Meghan Walker