You can be on Entrepreneur’s cover!

How to Be Smart About Your Spending in 2014 (Infographic) Many small-business owners have indicated they are going to be spending more money this year than last. If you are one of them, be sure you do so wisely.

By Catherine Clifford

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Businesses must spend money to grow, but ponying up your hard-earned cash without a plan probably won't do your startup any good. To really grow your business this year, you'll need a smart, organized and strategic investment plan.

Many small-businesses have indicated that they are going to spend more in 2014, from putting more money into online advertising to increasing product offerings, hiring additional employees or hitting the road to meet with clients and potential customers face to face. And that's all good news for the economy.

But before you double down your spending, make sure you have a plan for how much you are going to spend and on what, says Bellevue, Wash.-based business-expense management company Concur. Keep a record of how much you spend on what, and also make sure you keep some money heading into your savings account, Concur recommends.

Related: Crowdfunding Seen Providing $65 Billion Boost to the Global Economy in 2014 (Infographic)

Have a look at the infographic from Concur to see what your fellow business owners are spending on in 2014, and how best to keep your own expenses on track if you intend to make financial outlays this year.

Click to Enlarge+

How to Be Smart About Your Spending in 2014 (Infographic)

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Marketing

This Is the Framework You Need to Create a Brand Worth Your Customers' Loyalty and Make More Money Doing It

The first impression your customers will get of your business in this day and age is your website — so it needs to be created with intent. Here's how to use compelling storytelling on your website and one specific framework to capture their attention.

Business News

A Look Inside the Company That Is Making $500 Million a Year Serving Italian Beef Sandwiches Made Famous by 'The Bear'

Portillo's CEO Michael Osanloo shares his secret to keeping hungry customers coming back again and again. (Hint: It requires a lot of napkins.)

Making a Change

New Users Can Take 20% off Lifetime Access to Babbel for a Limited Time

Take a lifetime to learn as many as 14 languages by using code ENJOY20 for an affordable subscription that could boost your business.

Starting a Business

The True Failure Rate of Small Businesses

Understanding how and why businesses fail can help prepare you for success.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.