Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Business Plans and other Entrepreneur topics.
As a small business, you may be bootstrapping your way with no financial backing. Every sale may go into your bank account to pay bills. But if you’re not investing at least some money back into your company, you will quickly find yourself lumped in with the 95% of all small business owners who find themselves in the small business graveyard within the first five years of operations.
So, how can you avoid this bummer statistic? Create a business and marketing plan.
Create a plan using strategies that will provide you with the best return on investment and that are affordable given your current budget. You can always grow from there.
Once you determine which methods are right for your business, lay out your budget. If you set aside just 10% of every sale, will that provide you enough capital to invest in at least one form of advertising a quarter? Could you afford to put aside 20%? You’d be surprised how quickly you can save enough money to have a decent marketing campaign if you only plan!
Schedule your plan on your calendar. Decide exactly when you want to do each strategy or technique and set deadlines for yourself. By doing this, you plan for your future, and can stay out of the small business graveyard!