THE LIFEBLOOD OF YOUR BUSINESS

February 11, 2021

by Jeffrey Frankhouser, MRFC, CE

Problem: If your business relies on sales of products or services, you’re just like the vast majority (or virtually all) of businesses here in the United States. Your “lifeblood” is your sales team. Your sales team can consist of sales personnel, internet managers, advertising executives and graphic designers. If you rely on sales of all types, how committed are you to your advertising program and budget. If you have a complete sales team, how do you manage their Return On Investment (ROI)? Most business can’t and shouldn’t try to fund an entire sales department but outsourcing your company’s needs can be a very cost-effective solution.

Solution: An excellent rule of thumb for Marketing is a commitment of 1% of your gross sales. That may not sound like a big commitment, but you’d be surprised how far 1% can efficiently take your business. Many businesses will throw more than that into traditional marketing efforts hoping that doing something will somehow work.

So in this line of thought, you should be tracking your marketing efforts to determine which efforts are producing the highest ROI (return on investment). You will likely be surprised at the actual results. The market is continuing to evolve and change. If you’re not following trends you are certainly missing out and likely wasting money. The “New Normal” is not the “Old Normal” and the most successful businesses see that making course corrections as needed.

Covenant Business Planning Solutions offers personalized planning services for business leaders just like you. If you’re wondering whether this is the right time to review your advertising or any other facet of your operation, check out our introduction video: https://youtu.be/pliFgApZyMc

Remember, we help business owners sleep better at night!

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