Making the most of your budget when you’re a new business

At the best of times it can be a nervous time when you are launching a new business. You may have a budget ready but are unsure what are the right things to invest in. Here are some ways of making the most of your budget when you’re a new business.
Know your customers
It is worth considering what you are spending money on. For example, an advert in a local newspaper can be effective if your target demographic regularly reads newspapers. This is less effective if your target demographic prefers watching TV or looking online for news.
How do you know what your potential customers look up? Using surveys and feedback allows you to gauge this. It can also be a way to focus what kind of products you sell, the effectiveness of your marketing and so forth.
Time is money
It may be an old saying but it is true- The more efficient your business is, the better. There are now more methods of reducing time spent on repeating information, directing people to the department they need and so forth. Automated systems, menus, chatbots can save more time.
Quality v quantity
It can be attractive when you see a company that offers “X amount of flyers for cheap.” The problem is that if it is a low quality print it will reflect badly on you. It is better to use a smaller print run and use a delivery company to target promotion rather than a scattershot approach (this is where having a marketing consultant can be effective).
Use local media
One area people often underestimate is local media. Whether it is local papers, radio or TV, there is the opportunity to promote your business. In some cases it may be possible to talk about a recent new business but equally supporting a local charity, community projects and commenting on issues that affect people in the local area can give you additional exposure at a relatively low cost.
It is never “just your opinion”
As well as positive promotion, you also need to be aware of how you are perceived. For example, social media accounts should have a photo and there should be some engagement to show you are not just using the platform solely for promotion.
You also need to be careful. Putting “My thoughts are my own” or the equivalent on your account may not be enough if you post something controversial in your social media and the backlash can often have a negative effect on your business. Working with a marketing team can help to reduce the risk of any issues like this.
We can help
At Digi Toolbox Ltd, we can guide you through the process of setting up your business. Whether it’s setting up an office or ways to make communicating with your team more effective we can be there for you. For more information or to discuss your requirements in more detail please contact us today.