It’s time to start the start of the new year. After the first half of the year over, Did you achieve all you set out to achieve? Does your company pay you adequate pay? With all these thoughts getting a head start around the tax period, you are getting ready to meet with your accountant for a review of your loss and loss statements. It is likely that this isn’t the only time to examine your financial performance. However, it is an opportunity to consider the information they provide about your company.
It’s a little unusual to talk about accountants and financial data within this article, particularly considering that this is a magazine for marketing and the fact is that it’s an essential part of any small-scale business. Marketing, on is a different matter. It must help you to support and increase the size of your company and add cash to your bank account that will keep you on the right track.
In this light, can you claim confidently that your marketing budget was able to boost the growth of your business during the 2009/10 year? Do the marketing plans you have for the next year’s financial year meet your goals for growth? If not, it’s time to seek help. However, the issue is, if you’re running a small or medium-sized company, what kind of assistance do you have the money for? This is a dilemma that many business owners are faced with.
Marketing is not just an area that is adored by readers of this magazine, but it is also a topic of interest for business owners.
This was evident by attending the Small Business Victoria event about the Energise Enterprise (coming back to Victoria this August) that showed that the most requested event theme during this festival was advertising.
Marketing can be difficult when it comes to owners of businesses, specifically those with a limited budget or no budget. As an entrepreneur, I encounter this on a daily occasion-however regardless of the budget you’re working with, you have a variety of alternatives to get help with marketing. Here are a few options to think about.
There is no marketing budget at all.
If you’re among the many businesses with no marketing budget, This section is perfect ideal for you. My advice is to learn about the various areas of advertising. The most effective way to accomplish this is to attend low-cost workshops offered by agencies like Small Business Victoria. You can also be a part of groups like Facebook in which you are able to learn about or share tips on forums on websites like Flyingsolo.com… the list of possibilities is endless.
I also suggest you go to as many events as you can every week to network through building your list of contacts and database and also build relationships with other businesses with the same target market. It is important to note that all of these tips are applicable to businesses with the resources to run a marketing campaign.
A major issue I experience for a provider is when you don’t have funds for marketing, there’s no need to speak to consultants from outside. I would suggest being transparent with people who you interact with about what your budget is. Your time will be better spent working on the above tasks instead of sourcing consultants who do not have the capacity to work with you.
Small Marketing Budget
I have observed that companies with a marketing budget are at the highest risk of being scammed. I’ve seen many examples of companies that have chosen to go with the least expensive alternative but ended up being in a mess in the final.
These companies tend to be more inclined to work with suppliers of the end-user at the lowest price. Although there are some advantages to this approach, it is accompanied by some risks.
Here’s an example of This is an example: I’ve heard of two or three businesses that have been scammed by online operators. These are operators from the backyard who can only be reached by mobile phones, and in one instance, you just have to answer the phone saying “Yes”. In some instances, these operators have gone out of business and went under in a flash, with cash and website vanished. That’s why they’re the most inexpensive available.
If you’re comfortable working with “end-user” suppliers, you should learn more about the processes they use in order to ask the appropriate questions. It’s very easy for them to not disclose information, which you do not learn about until it’s already too late.
Marketing Budget That includes External Assistance
Companies that have a budget for outside help and the funds to create brochures, websites, advertisements and so on fall into this category. The companies in this category aren’t yet big enough to warrant an entire marketing team; however, they don’t have time to do DIY.
It is crucial. However, it is essential for every company that belongs to this group to follow due diligence in the event of the possibility of working with external suppliers. What does the supplier offer to the company? What KPIs could the performance be assessed against? What’s the need in your company and is it the right suitable for it? Do you think engaging an external provider will help your business grow? Selecting the wrong supplier can cause you to lose both time and money. It is crucial to ensure that you have it in order from the beginning.
One example of the benefits of this is that recently, I was an ‘outsourced marketing department’ of one of my customers. I was talking to an industry body regarding the conference that the client was showing. In the course of our conversation, I was able to negotiate several items that wouldn’t have been available if the owner of the company had done it on his own.
His field of expertise isn’t marketing. However, the man is a pro in the construction business and earns a significant amount out of cash doing the work he is good at best.
Businesses that have enough money to employ the experience of an outside agency and have been able to incorporate other expenditures from outside can attest that they have experienced a rise in their business. It’s not a solution for everyone, and when it comes to hiring expert external assistance, there’s a lot of truth to the phrase that ‘you get what you spend for’.
I’ll never forget the conversation I had with a ballet instructor who needed assistance in marketing her ballet school. However, she was unable to pay her own salary to hire someone to help her. I could feel the shame in her voice as she realized that, which was extremely uncomfortable.
Whatever your budget maybe, I’m sure this article has helped you identify your area of expertise and provided you with some ideas about how to implement excellent marketing in your company.