Making Every Penny Count in the New Year
If you are like most people, then your New Year’s resolutions probably fall into a few somewhat predictable – though highly admirable – categories. You may resolve to spend less money, improve yourself or your business, or engage in a worthwhile activity that will help others in the New Year. All of these are great resolutions, but they can get a little worn around the edges if you make them every year. This year, make a more specific resolution when it comes to your business that will help you weather whatever the economy may bring in the coming months: Resolve to make every penny count.
This resolution will impact your personal life and your business on multiple, positive levels. First, however, you must analyze your current situation so that you can determine how best to go about keeping your resolution. So take a few minutes to objectively – and even harshly – analyze the past year.
Where have you spent money?
Did most of your business spending go to advertising? In most cases, the majority of monies spent are dedicated to garnering new business. As long as those efforts are successful, then that is just fine. But you need to be making more money off the business you are attracting than you are spending on attracting it. Otherwise, you need to change your promotional strategies.
What kind of “bang” are you getting for your buck?
Are you seeing huge payoffs when you invest large amounts? If not, then you may fear that you need to spend more. However, the truth of the matter is simply that you need to spend differently. Even in advertising, bigger is not always better. Try a new avenue of advertising – such as offering promotional merchandise or providing a special, additional service to people who bring in a designated item, such as a coupon off a company calendar, to help your advertising start doing double duty without costing you any more to produce or distribute.
Is your advertising outdated?
In 2009, more businesses moved to the internet than ever before. As a result, business success is more a result of “word of mouth” than ever before. This does not mean that you need to forgo all offline advertising, but it may mean that it is time to let go of some of your print ads, for example, and start promoting yourself in a way that is easy to “pass on.” Popular ways of encouraging word-of-mouth advertising are providing pens with your logo and contact information or handing out useful items like calendars and T-shirts that will make you a subject of thought and conversation for clients and potential clients even when your traditional advertising is nowhere in sight.
Once you have analyzed your operations, you will likely see that you could be getting more mileage out of your promotional budget. A good way to encourage word-of-mouth and secondary advertising is to give away useful promotional materials that will continue to advertise both your company and your generosity long after you have “left the building.”