4 Essential Things Your Business Can’t Afford Not to Have
When you first start your business, the idea of conservative money management may seem to be something of an abstraction. It’s only when you experience the negative ramifications of spending more than you earn and the resultant cash flow crises that you gradually become more cost-conscious.
You may be highly motivated to run your business as cost-effectively as possible. However, there are some things that your businesses really can’t afford not to have. These are things like marketing, accounting, a good location, and a business education. Let’s take a closer look at why these four aspects of your business are so essential for your business growth.
When marketing your business, it’s a mistake to only market online or only market offline. An integrated marketing approach will provide the best results. As an example, let’s look at the benefits of blogging and the benefits of attending trade shows. Let’s see how both can work well together.
When you blog, you create fresh content about your subject on an ongoing basis. This helps to establish yourself as subject matter expert in your field of interest. Once you start blogging, you will also build out bridges to the rest of the online world. You might, for example, do this by linking your blog to your social media platforms. Or you could open up a YouTube channel. In fact, it’s not uncommon for people to link their blogs to a variety of ways. This improves their chances of connecting with their target audience.
…and Trade Shows
When you attend trade shows, as well as other events like conferences and fairs, you meet real people and interact with them. When people are attracted to your custom pop up tents at events, it gives you a chance to gauge their level of interest in your products or services. You’ll also gain insight on what benefits they are looking for. These live interactions give you opportunities to provide product demonstrations and to refine your customer knowledge.
On the surface of it, blogging and trade shows may not appear to have much in common. However, digging a little deeper, you can see how well they work together. Through your blog, you can announce what trade shows you will be attending. After the show, describe your experience. When you meet people at trade shows, you can tell them about your blog and introduce it as a way for them to stay in touch with you. So, by linking both online and offline methods, you will enhance your marketing efforts.
RELATED ARTICLE: EXHIBITING AT A TRADE SHOW? HERE’S HOW TO DO IT RIGHT
It is very difficult to run an effective business if you can’t keep up with your finances and don’t have a good understanding of your financial situation.
Depending on the size of your business, you should buy accounting software so that you can do your own basic accounting. Alternatively, you can hire a part-time or full-time accountant, or outsource your work to an accounting firm.
If you are only vaguely aware of how much money is coming into your business or flowing out of it, it’s difficult to administer your business. It will be nearly impossible for you to know how much you can afford to spend to grow your business through revenue-generating activities like marketing and sales. If you don’t know your numbers, you are putting your business at risk. Furthermore, you are missing out on many potential opportunities to grow it at a faster pace.
3. Business Premises
If you have an office or a store, then the location of your business can affect the quantity and quality of walk-in traffic. If, for instance, you have an office for your insurance agency in a sleepy neighborhood, you will probably pay less rent in your isolated location. However, you will earn less income than you would if you were to have an office in a busy part of town. In the long run, you will have a more lucrative business by paying more for your location and getting many times more business.
4. Business Education
The more you know about your business, the better you will run it. For this reason, it’s important that you invest in your business education. Therefore, spend some of your hard-earned money to buy books and audio or video courses in your field. You should also take online and offline classes to deepen your business knowledge.
It’s About Balance
In closing, managing your money well is all about balance. Yes, it’s always a good idea to work within a budget. However, you also have to spend money on those aspects of your business that will stimulate business growth and enhance long-term prosperity.