The bottom line is everything when running a business. While that may sound like an obvious statement, stubbornness sometimes holds people back from changing and adapting to more lucrative operations. This hard headedness can be a symptom of a certain kind of attitude; the kind that stops one from being on the ball about things. When you’re not on the ball with finances, they go to the wayside and it might be time for some extra help.
Here are some tips on financial management for marketing professionals dealing with businesses in trouble. You may need to stay ahead of the curve and other decision makers you work with. However, if you’re able to, you may be the reason they stay afloat. And hopefully, they’ll thank you later.
Consider a Financial Advisor
When a business seems to be losing a lot of money, it may be time to seek out a financial advisor. If one can’t manage their content, media, or other marketing tools, they probably aren’t managing their finances very well either. Now, you may only be able to reach them from your perspective as a marketing professional, but the numbers may speak for themselves. If you can show them from your area where a financial advisor might be a good investment, that may be enough!
Now, let’s say they don’t know where to start in looking for a financial advisor, and it’s up to you to help them! Investopedia made a list of important traits someone in this position should have, and they hold up:
— Passion for Financial Planning and Wealth Management
— A Deep Analytical Ability
— Professional Salesmanship
— A Belief That Interests Must Be Aligned
Keep in mind that each of these goes back to the initiative. If someone doesn’t want to use their expertise in the best way possible or is uninterested in what you do, chances are they won’t be the right financial advisor for you. Be smart as you move forward.
Be Ahead of Your Risks
We’ve already talked a little bit about your marketing budget, which you typically are not going to be in charge of for a client or a company you don’t own. However, you still need to be aware of the legal risks applicable to the actions you take and how you spend your money. While you may only have control over a small portion of what a company’s doing, you need to look out for what you can. So be aggressively familiar with the tax laws that may apply to your business or clients’ business — if you use their money in a way that may cost them more than they’re expecting due to tax and government regulations, you could get them and yourself in big trouble.
One way to keep away from bad budget use is by knowing your employer’s financial history to the greatest extent you can. This includes looking at the profits your advertising is seemingly making them as well. Try speaking with the people in charge of you and obtain financial statements to analyze how well your marketing tactics are working if possible. After all, revenue is an important factor in lean analytics and the cornerstone of your efforts’ success.
Stay Open To Change
So let’s say what you’re doing isn’t quite working. Your ad spots aren’t bringing new customers, your PR campaigns aren’t being picked up by news media, and your content’s not boosting sales. In that case, it’s time to make a change. If something you’re doing isn’t working, be open to doing it differently. It’s that simple.
Start taking your methods and inspiration from somewhere else. Read new marketing blogs. Be aware of new technologies and methods people are utilizing. Most of all, don’t be afraid to try new things. Innovation is often what makes all the difference, and sometimes you have to fall before you succeed. If the revenue starts to increase, you know you may be on the right path. But don’t do the same thing twice and expect different results — that’s just ludicrous.
How do you tie financial management into your marketing profession? How do you see finances playing with your abilities as a marketer? Let us know in the comment section below.