March 8, 2011 2 Comments
By: Jonathan Katz
This is the fifth installment in a series of various business practices that entrepreneurs and small business owners should consider as ‘musts’. Authored by an experienced MBA with the assistance of an attorney, what follows will help you enhance their business model, elucidate your plans and strategy, and ultimately help your small business become more successful.
Outsource Your Marketing (and Expand Your Customer Base!)
It’s no secret that entrepreneurship entails many responsibilities — you must ensure you have a quality product, sufficient financing, organized records, satisfied customers and your own piece of mind, to name a few — but the keystone to small business ownership is finding and securing customers to develop a strong client base. Without clients, all you have is potential, and there’s no place for potential on a financial statement. For most business functions, including accounting, operations and IT, business owners can manage themselves from the start or after a brief session with an expert. However marketing is different.
Marketing expands your customer base, and customers are the life blood of your business. You can have an excellent product, but if you’re not optimally reaching those who would want to purchase it, the best you can hope for is under-performance — and I have yet to meet an entrepreneur who sets that standard.
Proper marketing requires daily attention and familiarity with the evolving technology and its nuances to make effective use of it. Between branding, advertising, social media, search engine optimization and everything in between, marketing your small business is a full-time job, and the entrepreneur who believes they can sufficiently manage their own marketing, while also effectively managing all other components of their business, is ripe for disappointment.
So, further the development of your customer base, ensure the future of your business, and hire a marketing expert.