As a Chartered Professional Accountant I see many people excited to come see us Accountants with their business idea. They engage my firm for business plans and forecasted financials. During this process of planning I consistently see many of these individuals cutting down marketing budgets. Stretching your dollar is great but completely cutting down on your marketing budget is business suicide.
Now it might seem a little odd that an “Accountant” suggesting the idea of marketing is ironic considering many Accountants don’t really need to market it’s a word of mouth business but hear me out! #Stigma. Word of mouth marketing has lasted the test of time and it holds true even today. The reason word of mouth marketing is so effective is because of one fundamental reason. Trust. Building trust is fundamental and essential to long term growth.
The internet as we know it has been changing and evolving just look at the last 10-12 years. The Internet was not readily available and trust me we were all excited about the next flip phone. Many companies have harnessed the power of the internet and almost effectively replaced Television and Radio advertisements with the internet stretching their dollar with targeted marketing such as Facebook, Twitter and Youtube.
I always recommend start-up’s to keep a healthy budget for marketing. The real tangible results come after having an online presence. The old days where we could just open a newspaper or open up Yellow Pages and find someone to do the job are long gone. Future clients/customers want to be engaged they want to be educated and most importantly they need to know you exist. Ultimately the client is voting. Voting with their money. It’s your job to present your candidacy and promote your campaign.
Having a great idea is awesome, getting your governmental filings done gets you an A+ but nothing becomes more important than spending on marketing because here’s the equation. Higher marketing expense suggests higher sales which increases your revenues and given all of you will keep a sharp eye on your expenses your bottom line will only grow.
Which means more money for you. Which means more vacations. Vacations are awesome