This episode is brought to you by Cayne Crossing. Cayne Crossing helps prospective SMB purchasers with all aspects of financial due diligence, including producing the Quality of Earnings report. I have personally read though, analyzed, and relied upon several of their actual QofE reports in my capacity as an SMB investor, and can personally attest to the quality of the work that they do. Unlike any other QofE provider that I’m aware of, Cayne Crossing also co-invests alongside their buyers, aligning their interests with yours in a way that I simply haven’t seen anywhere else.   Cayne Crossing is offering a special discount to listeners of In The Trenches: Just go to caynecrossing.com, and scroll down to the “contact form” on their homepage. Enter the offer code “trenches”, and you will get a full $2,000 off of your QofE engagement with them.  _______________________________________________________  Episode Description: Relative to its importance, capital allocation seems to be a relatively under-discussed subject among SMB CEOs. The subject is at least as important as more common day-to-day issues like hiring, culture, or compensation, though it rarely seems to occupy the same share-of-mind. Though capital allocation isn't a discipline that CEOs consciously or explicitly deprioritize, it often loses the battle for their time and attention when competing with more common day-to-day issues like those mentioned above.   As a CEO you’d be wise to regularly look at your business through the lens of an investor to ensure that you’re allocating your company’s scarce financial resources towards their highest and best use. In today's episode, I discuss some relevant lessons that I’ve collected over the years related to capital allocation, some of which I hope are helpful to you.