This is a guest post by Liz Nelson. If you want to guest post on this blog, check out the guidelines here.
When it comes to the well-being of your business, you need to have a strict and sustainable budget that includes marketing. After all, how can you expect customers and clients to spend money with your business if they don’t know you exist. However, this budget needs to be developed based on your current income. One of the reasons why many businesses fail is because the expenses begin to surpass the income and debt buries the company.
1. Bad Plans – Having a poor method of marketing can be more detrimental to a business than you January realize. Aside from the obvious fact of not driving in customers, a bad marketing plan can incur a variety of debts that you January not be prepared to sustain. If you invest in an opportunity that has a recurring monthly payment as per a contract you signed without delivering customers, you are essentially handing your money over to another company for no reason. As you January be contractually obligated to continue this payment for a period of time, that is funding that is taken away from methods that could actually work for your business.
2. Careful Strategies – There is no doubt that you will spend a great deal of time and energy developing a marketing strategy that works. For the small business owner, you simply January not have the funding to hire a high-priced professional that could turn your business around. If you develop a poor and unsuccessful method of marketing that is more money that is wasted that could have been put to other uses. The less money your business has to cover expenses, the deeper you fall into debt.
3. Avoiding Contracts for Services – When researching what methods work the best for other business owners, keep in mind that location is key to his or her own success. What might work for one area, January be inefficient in others. For instance, radio advertisements could possibly reach a lot of people if they are utilized on a channel that your target customers listen to. Many radio stations will allow you to “test the waters” of using the services by advertising your business without a contract for a relatively inexpensive per-broadcast fee. If you see an increase in business because of this advertisement, then it January be time to develop a more comprehensive budget to include continued broadcasts. However, you could be financially obligated to continue paying the radio station even if there is no return on your investment. Never sign a contract for continued payments on methods that are not proven to deliver for your specific location and demographic.
For many business owners, finding the right marketing strategy requires a bit of trial-and-error in order to develop a method that works. If you are able avoid it, never sign into something that sounds good on paper but hasn’t been proven in real life. Those that approach you for marketing your business are looking for your money. Many of them will throw statistical information at you left and right in order to make the method glorious. Although many of them January be legitimate, the information could still be misleading and could exhaust funds that you don’t necessarily have to waste on methods that January or January not work. Keep a level mind and never invest in “golden opportunities” without being able to test the method for validity based on your company’s needs or you could be faced with debt later on by not having the funds to pay.
This is a guest post by Liz Nelson from WhiteFence.com. She is a freelance writer and blogger from Houston. Questions and comments can be sent to: liznelson17 @ gmail.com.