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Dave Thomas

What's something that "saves money" that actually costs more in the long run?

Asked 11 months ago, Edited 2 months ago by in Business Consulting

As entrepreneurs, we're always looking for ways to save money and run more efficiently. However, sometimes something you thing will save you money actually costs you more in the long run.

For example, I tried to manage my own taxes when it probably would have been smarter to hire an accountant. I've also heard stories about people who've had issues with outsourced work.

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3 Answers

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Keith Blakely

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Trying to do securities offerings without good legal and financial advisors saves money in the short term and costs an incredible amount to fix later on!

Answered 11 months ago by Keith Blakely

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Richard Veltre

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Legal, accounting and insurance. Having good legal for setup and contracts. Having a good accountant/advisor to keep you out of trouble. Having good insurance to make sure someone else can't come along and take away your success.

Your comment about the taxes is perfect. One of the fastest growing start-ups I had ever seen was a contractor who got a contract to replace all the windows in local schools across an entire county. The instant revenue growth was staggering. And his demise was just as fast when he failed to file his W-2's and 1099's timely and the business was shut down. Penny wise and pound foolish.

Answered 11 months ago by Richard Veltre

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Roy Wagner

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Equipment Tools Computers If it is mission critical buy the best you can.

Answered 11 months ago by Roy Wagner

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