Recently I was talking to a business contact about his move into a business unit. I have known this particular contact for over 20 years after meeting him at a networking event (where else!). At the time he was working from his front room, with his lovely mum as his only member of staff. Over the years his business has grown and yet he has remained in his home office, now an actual office rather than his front room, staff have changed and he and his business have survived even the devastating loss of his mother at an early age. He has worked hard, been amazing at marketing and seen the resultant success.
While talking, I said that no-one could say he was making a vanity decision and we began to talk about how tempting these vanity decisions are. What are ‘vanity’ decisions, often involving vanity purchases? They are using money either from your business (or investing it from your own money) to buy ‘things’ and these ‘things’ are often not needed but give the business owner’s vanity a stroke. The nice new desk to replace a perfectly good desk. (Of course, always get a great chair to sit in, or stand at, because you may spend a lot of time at your desk and you don’t want to undermine your spine etc.) You see people with large shiny offices, staff, every piece of equipment you can imagine…and no customers!
Now the conversation I was having with my contact was definitely, from my part at least, not based on a history of “Well I’ve never done that” because I have stroked my vanity many times by buying stuff that was lovely and shiny and I didn’t need! When I set up my first business, I bought lots of stuff that I had occasionally used when I had worked in the corporate world but didn’t actually need for my small office at home, or, if I did, I didn’t need the super deluxe version. The same was true when I started my catering business. I had a storage unit which was full of stuff, and, unsurprisingly, because I am sometimes a slow learner, the unit got larger as I bought more stuff, and then reduced in size as I learnt that I didn’t need to own all the stuff I had. In the process I wasted a lot of money. But I did learn.
Obviously, my contact, being wiser than I, didn’t need to be taught this. He has seemed to know instinctively to only spend money you must spend. Save the money, don’t buy, buy the less shiny one, buy second hand, you get the picture. This last part is what I have learnt. I also realised that by saving money in this way I had more money, at the end of the year, to have more money to spend on shiny things for my home, for holidays and as soon as I realised this the vanity decisions became less and easier.
So I wish my contact all the success he deserves as he moves into his lovely shiny, and absolutely necessary, new business unit.
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Have fun,
Glenys
