Always Have a Plan When Spending and Saving Money
Your financial forecasting and budgets will help shape the success of your growing business.
When Brian Mazza played soccer in college, one of his coaches gave him advice that he uses in business today: proper preparation prevents poor performance.
That point is especially true when managing money for your business. As president of New York City-based Paige Hospitality Group, a management company that operates seven restaurant venues as well as a men's fashion atelier, Mazza knows firsthand that spending and saving money requires serious planning ahead of time.
Even though he admittedly "loves spending money" on upgrades and improvements at Paige properties, Mazza always accounts for any type of expenditure ahead of time. The company even has a model for expanding and opening new stores and venues.
"We know how much money needs to be allocated for each department, or how much money to start the business with construction and permits – everything," he says.
For more on Mazza's philosophy on spending and saving money for your business, check out the video above.
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