How much time for marketing do you allow?
One of the first exercises I like to do with a new sole trader client (especially a new business) is a reality check on turn over expectation. You might think this belongs to finance and you wouldn’t be wrong but it impacts all areas of businesses. My motivation for doing it is to check that time is put aside for marketing the business. All too often small businesses work out their turnover/day rates on selling every day available.
To help sales remain buoyant and even then marketing has to be buoyant and even. Allow enough time to do the marketing helps to maintain the sales pipeline and this in turn will help a business to achieve its objectives. There is no magic formula on how much time you should allow for marketing as it all depends on the business, the markets it works in and how many customers it needs to attract. The amount of time required is also dependent on the tools that best match the customers. For most service companies networking is by far the most effective and cost effective tool. I often hear business owners say they don’t have time for networking and my reply is how else could you get to meet a room full of potential customers or potential referrers?
Making time for marketing is critical to any business – starting with a plan will tell you how much time that needs to be.