3 Tips for Finding Balance
Between Building Marketing Momentum and Minimizing Expenses
By Valeh Nazemoff
Lead economists predict a recession and therefore slower economic activity .
While this idea can bring flashbacks of 2008 and mounting worry for business owners , the best course of action is preparation .
Marketing in a downturn is something that many struggle with as they navigate expenses while still trying to drive revenue . The truth is that many small businesses neglect marketing momentum in an attempt to save money , but this is not the best business decision in the long run .
In reality , you must strike the balance between marketing momentum and budget during the financial downturn . Here are a few tips to implement .
1 . Evaluate Your Resources
Both time and money are finite resources , and a recession can put a greater strain on them . Before you can master your time and budget effectively , you must nail down exactly what you have available .
We all live with an opportunity cap . There are limited hours per day , and the more time we spend on certain activities , the less we have for others . One resource you must assess is your time . Consider how much time you have for business activities , and the balance you need to strike between various activities .
Another consideration is the financial resources you have available . When the economy is strong and your revenue is predictable , you may be able to afford the same dollars for all marketing activities . Understandably , the economy can impact this . Based on how the recession will impact your industry and business , you may need to reduce the overall budget for marketing . Yet , what many don ’ t realize is that when you outsource marketing services , it can be 100 % tax deductible for U . S . small businesses .
Additionally , some entrepreneurs and small business owners attempt to make up for this difference in budget with their time . They think that instead of paying someone to do the tasks , they can simply handle them alone . But remember time is also limited , and you must ensure it ’ s spent on highlevel tasks that drive your business . Furthermore , you don ’ t want to sacrifice your lifestyle goals and end up struggling with burnout and chronic disease due to stress .
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