Financial Management Tips for Solo Marketers
Use every cent of your money to make money.
That was the first of eight financial tips advised by Bill Lynott, a business and financial journalist, in this month’s edition of Specialty Coffee Retailer.
I’m not part of the specialty coffee industry. However, I always read financial articles to learn new ways or refresh my memory on increasing my marketing dollars.
In this first tip, Lynott warns you to “NEVER make deposits directly into your checking account,” and instead make deposits into an interest-bearing account (money market, etc.) so that it immediately earns money.
This is advice I’ve followed since my first day in business. My deposits are made in an ancillary account, and monies are transferred as required into my checking account.
Here are three more tips from his list, which I paraphrase and expand.
Don’t pay your bills as soon as they arrive. Pay your bills when due, not before time. Set up a system so you stay on track without paying late fees and penalties. You don’t get paid ahead of time by customers, so follow their lead to pay your own bills.
Years ago I purchased a bill organizer from Lillian Vernon. I add my bills within the 31-numbered slots according to the due dates. It’s saved me countless fees because I don’t just organize my bills, I also check the system each morning to see what to pay and when.
Never overpay the IRS when making quarterly payments. Giving the government interest-free loot is not in the best interest of your money. Estimate your payments as best you can, but don’t just give your money away.
Credit cards are better than debit cards. In business, a grace period is a good thing, and that’s what credit cards provide. Depending on the closing date, a credit card hands you up to 40 days free use of someone else’s money, versus using a debit card, where money comes immediately out of your pocket.
Although Specialty Coffee Retailer doesn’t share these tips on their site, I’ve chosen four that will help keep more money available for you to invest in marketing.
Technorati Tags: small business marketing, Specialty Coffee Retailers, Bill Lynott, solo business marketing, financial management, solo entrepreneur
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Why Buy When You Have What You Need?
My sister, Cassandra, is a master dollmaker and craftsperson. She’s preparing for a big fair next weekend. She’s mailed postcards to longtime customers who look forward to seeing her and buying gifts for friends and relatives.
She told me last week by phone that for every $100 in purchases, customers will receive a free gift. The gift is a brand-new product my sister planned to make from scratch.
I pursuaded Cas not to make something new, because each time I visit her home, I see loads of products all around her workspace. They’re hoisted on shelves and packed in product-filled containers. All are great items from years past to wrap and present as a free gift with purchase.
I’m happy to say that she’s taking my advice. Instead of making something new, she’ll reduce her current inventory and put smiles on lots of customers’ faces.
When you get a great idea, do you immediately think, “I’ll buy this and that to promote the marketing project,” rather than look in your current inventory for leftovers that are still good but weren’t depleted during the last campaign? I’ve done it, too, and shared one example about this last year.
Along this line I’ve just uncovered items to put to use in two upcoming projects.
1. Holiday cards. I found an unused box, which lessens my need to buy extra cards this year. Had I not looked for the box, it would have stayed unused for another year. That depletes space and money.
2. Trade show giveaways. I’ll place a coupon on my Web site and share new, leftover goods with buyers who attend my upcoming seminars. That will encourage individuals who visit my site to attend the event, and it will also increase space on my office shelves.
Before you buy another marketing incentive, look around your office for buried treasures. It’s a money-saving and space-increasing tactic that fits into every solo marketer’s budget.
Technorati Tags: small business marketing, marketing planning, solo business marketing, solo entrepreneur, trade shows, postcard marketing
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Marketing Solutions When There’s More Time than Money
When I asked some friends for advice on finding a professional to help me promote my forthcoming books, they said, “It’s going to cost you thousands of dollars a month.”
These are friends with lots of experience, so I believed them. Then I read the same advice in a Wall Street Journal small business column published in my local Sunday newspaper. The article explained various methods and the cost to spread the word about your business.
“Be extra diligent when selecting a PR firm. Firms charge clients anywhere from $2,000 to $15,000 a month, depending on the region, size and expertise, and results sometimes can be disappointing or inconsistent.”
My focus, when considering professional marketing help, was to outsource some of the work so I can concentrate on other projects. I won’t invest thousands of dollars on this effort, and I have a feeling that your budget doesn’t allow you to do so either. Here are the methods suggested in the article.
Other methods are available to you, but these ideas will get you started or at least renew your marketing strategy without blowing your budget.
Technorati Tags: small business marketing, solo business marketing, solo entrepreneur, marketing your business, getting publicity
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Enroll in a Free Online College Course
My Photoshop class, which I mentioned in a previous post, ends in two weeks. Going to New York City for the class is somewhat draining. I leave the office three hours before the class begins to allow for rush hour delays.
Many of us don’t have time for school even though learning new techniques is an important part of marketing. However, help may be a keystroke away.
I read in Kiplinger’s July issue that some colleges are making their course curriculum accessible online. Large universities, such as the Massachusetts Institute of Technology and the University of Notre Dame, will make syllabus outlines and complete lectures available.
You might get little more than a syllabus and reading list for one course, but another might have a full complement of lectures - via audio podcasts or video webcasts - complete with exams and answer keys.
This course-auditing structure doesn’t allow you to receive a grade, and in many cases, you may not have access to all class notes. The article points out that “what is posted is often left to the teachers.”
Still, this is a terrific option to learn new and upcoming marketing techniques as well as information on other business and personal topics.
Visit college and university Web sites to see what materials they’ll make available online. If learning is part of your agenda, I think you’ll be satisfied with this option.
Technorati Tags: small business marketing, solo business marketing, solo entrepreneur, learning online, audit a class, free online class
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Shirley George Frazier - Solo Business Expert, Author, College Mentor
When you hire me to speak at your conference, college or special event, attendees will thank you for a great program. Media interviews also welcomed. Call or Email me. 973-279-2799 or shirley@shirleyspeaks.com.
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