Whether you are self employed, run a small business or a huge corporation, cutting your spending in the WRONG places can seriously harm your business…
Advertising. It’s an easy target. You might think cutting it won’t really affect your core business. After all, the people around Beaumaris, Menai Bridge, Llangefni, Bangor and Holyhead already know your name and what you do so they’ll call you, wont they? Wrong.
They’ll find your competitors who ARE marketing and you’re likely to find your phone gets very quiet.
As they say, if your business isn’t growing it’s shrinking. It never stays the same.
Those who continue to advertise and market their businesses through the lean times will have the upper hand of attracting new customers – especially if your business rivals cut their advertising and marketing and you don’t.
“One of the 3 most common cost cutting mistakes you can make is to cut the marketing budget. You don’t want to pull back in an area like that, especially when your competitors are doing that, because that gives you an opportunity to poach customers,” says Roth.
When looking at savings in your business be sure to always give good value for money and be aware of the consequences of cost cutting in the wrong place. You can read more of Carol Roth’s cost cutting mistakes at Entrepeneur.com
People love to buy local – so give them the chance to buy from YOU.