Baton Rouge CPA
Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.
The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.
Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.
Consistent, effective marketing helps you achieve both ends.
One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.
When your marketing budget increases, your revenue follows suit.
There are several factors that can influence how much your business should be spending on marketing.
- Are you a new startup company? You may need to invest more until you have established a client base.
- Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
- Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
- How competitive is your local market? Higher competition requires greater investment to grow business.
For more advice regarding your marketing budget and business growth, contact our office.
6421 Perkins Rd.
Bldg. A, Ste 1B
Baton Rouge, LA 70808
No matter how fantastic you and your team are, you will occasionally have a customer complain about something. When this happens, you and your team may feel discouraged, frustrated, or even annoyed, depending on the specific complaint and how it was shared. It can be easy to brush the complaint aside and tell yourself that the client was just having a bad day. However, changing the way you think about customer complaints can be highly beneficial to your business.
Purchasing an existing business can be an exciting prospect. Whether it’s your first business or you’re an established owner, the process can be lengthy as you weigh all the pros and cons of the potential investment. Making sure you know everything you need to about a business before considering an acquisition will help protect you from making a poor choice that could end up costing you in the long run. Below are some considerations to keep in mind when looking to purchase a business.
Science is a field where the only true constant is change. Business is no different. With advances in techniques and new technologies every year, it can be challenging to stay current, especially without breaking your budget.
Regular effective team meetings can play a crucial role in the health of your business. That one simple-sounding factor can impact every aspect of your business. Your people, your customers, and your business all benefit from regular effective team meetings.
Handling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.
Though most of the attacks making headlines are those aimed at large organizations or political groups, roughly a third of all data security breaches in the last few years have occurred in the health care industry. Of these, employee error caused three times as many breaches as external attacks. In addition, more than half of the businesses who experience a security breach have fewer than 1,000 employees.