It may be hard to believe but there are businesses that are making too much money; at least, that is the impression they gave me. Two of my clients said that marketing had to be put aside because they were too busy with all their orders. I asked a simple question,” How did it happen”? Their answer, the marketing plan we developed is working. My next question, “How was your business before we developed and implemented a marketing plan?” The answer” Not so good”. One more question, “Where do you think you will be in the next few months if you don’t market? I helped them with the answer,” Right where you started”.
Marketing is the glue that holds a business together. It must never be put aside! If business increases to a point that it can’t be handled in the allotted time with the current staff, then several things have to be examined:
- Can the business afford a staff person to handle the extra work?
- Is the price of the product or service high enough?
- Is there a time management issue?
- Can new systems be implemented to speed up the product/service delivery process?
By working through the answers to these questions, a solution will arise which will not include putting aside marketing efforts.
Several months ago I published a paper “A 40% Small Business Marketing Strategy”. The basic concept was that in a 40 hour work week marketing should get 40% of that time or 16 hours a week. While implementing this system with several clients, I found out the 16 hours dedicated to marketing each week were necessary to achieve the desired goals, but while other adjustments were made to the company, there was a temporary increase in the total number of work week hours.
How many hours are you currently devoting to the marketing process? Keep a log every day for a week and write down start and stop times for all marketing activities. if the hours don’t add up to 16 hours, then it’s time to re-evaluate your time management system.
Marketing, financial documentation and systems comprise the tripod that holds up a business. This is a good time to check your own business tripod.
Marketing is like riding a bicycle. Either you keep up your speed or you’ll fall down.
Nick J. Petra CFP www.strategicduck.com helping you grow your business is my business