If you’re a business owner working alone or if you have a small team you may feel you don’t have time for systems and processes or that they just aren’t necessary. If that’s the case then you may losing money. In this post, I’ll explain how to implement a system to ensure that you have transparency across the business, that you’re spending your money wisely and thus have successful and profitable marketing from which to start your business growth.
Where does your business come from?
You may think you know where your business comes from, but how often do you complete an analysis of your marketing, if at all? In my role as a business consultant I discovered a client of mine was spending thousands of pounds on Yellow Pages advertising. When I asked whether this was a successful marketing tool, the business owner didn’t know because he wasn’t monitoring the amount of business that it was generating.
Record the source of your sales!
I showed my client a simple way to record the source of his business and after 3 months we were able to see that none of it had come from Yellow Pages!
So, it’s clear why it’s so important to monitor where your customers come from. Implement a system to keep a track of the source of your new business for you and your staff to follow. Remember to record each enquiry as well as each sale, so you can determine your most successful marketing activity.
Very quickly, you’ll have some meaningful insight into the profitability of your marketing and this will give you the ability to spend your money wisely. Perhaps stopping some activity altogether and reallocating the cash to something that is really working. Imagine the results…
Understanding the outcome of your expenditure is just one of the reasons why systems and processes are so important. My next post will explain how they are also important in your efficiency and customer service delivery.
If you need any help implementing these tips, then book a free business review.