Gas prices, utilities, even milk and juice seem like they are more and more pricey all the time. Tonight that hit home when I purchased a gallon of milk and a gallon of apple juice for over eight dollars. I was shocked. Thats over 4 dollars a gallon for juice and milk!
It’s a fact, money doesn’t go as far as it once did. The economists are pessimistic, and the housing market is tightening (or plain depressed depending on where you are in America). What does that mean to small business owners and managers?
Talking to small business owners across the country, many have told us how slow business is right now. Sales in general are slower than usual for this time of the year, and that means regardless of how the economy shapes up as a
whole, those businesses who plan and are proactive will be better off
than those that don’t.
As the market tightens up, small businesses often experience cash
shortages. In tight times, the budget goes under the microscope and
categories get cut. Advertising and marketing budgets are often the
first to lose capital. Unfortunately, this is a poor decision.
This is no time to react to circumstance. Now is not the time to sit back and let the economy just happen to you and your business. It’s time for your small business to plan ahead – to get a game plan – a lean marketing plan – in place.
Someone once said "Failing to plan, is planning to fail." While this is true in many aspects in life, not planning ahead in marketing and business will prove fatal.
I once met a client who had spent $30,000 on a single piece of equipment (a capital investment) without first planning how the new equipment would not only repay his investment but profit the next $30,000. Together, we devised a plan that would pay for his equipment in a mere eighteen months and turn a profit for years to come. Unfortunately, this business owner invested all of his money in a piece of equipment before making a plan – and there was little left for operating capital. Learn from this business owner, don’t invest all of your money in product or equipment or buildings – they do not sell your business alone. Only a marketing budget that retains your customers and reaches out to new ones will generate the types of profits your business is capable of achieving. Planning makes a difference – a big difference.
So, when the doom and gloomers are out talking about tightening business budgets, you should be ready with a plan – a marketing plan – a plan that outlines how to keep customers and grow your business even in the slowest of markets.
