1. Avoiding Marketing Pitfalls: How to Build a Resilient Small Business

Studies show that poor marketing contributes to approximately 14% of small business failures. Additionally, about 50% of small businesses fail within the first five years, often due to insufficient or ineffective marketing strategies.

This raises a critical question: How can small business operators ensure consistent marketing efforts that drive sustained growth? The answer lies in the deceptively simple yet often overlooked idea of establishing a dedicated marketing fund.

Here are 3 compelling reasons why every business should have one:

1. Provides Stability During Lean Times

Business is cyclical. When business is slow, having a marketing fund will ensure that you have the financial resources ready to draw upon and promote your services, attracting customers when you need them most. Marketing during lean times can prevent a minor slump from becoming a major setback.

2. Reinforces the Need for Consistent Marketing

Marketing isn’t a one-and-done effort. Consistency builds trust by keeping your brand top-of-mind for customers. Each and every time your audience sees your advertising it will imprint in their mind ever more deeply. If done well, the familiarity will lead them to begin associating your brand as the solution to the problem they need solved making them more likely to choose you when they need your services.

3. Reduces Inaction and Facilitates Planning

Without a marketing fund, it’s easy to procrastinate or avoid marketing altogether. Many businesses, (me included) tend to keep their money in one bank account. You may not consciously realize it, but there is a phycological number that when crossed makes you start to feel anxious and as a result begin to cut back on spending, including marketing, which is self-sabotaging. With resources readily available, planning campaigns and executing them becomes far more manageable and less frightening.

If funds are tight, ask yourself: What can be reorganized or cut back on to start building a marketing fund?

the greatest advantages of a marketing fund

is in the flexibility and staying power it provides. If a particular campaign doesn’t work, you’ll still have money set aside to try a different approach, building off the previous lessons learnt. Most importantly, you lose absolutely nothing by putting money aside.

When you’re ready to engage in marketing, the funds are already prepared. If not, the money can be directed elsewhere. The real risk lies in doing nothing.

Summary of Key Points

Establishing a marketing fund:

1. Provides stability during lean times.

2. Ensures your business remains visible through consistent marketing.

3. Reduces inaction and simplifies planning.

   
   

Start Building Your Marketing Fund Today

Start small. Set aside a manageable percentage of your monthly revenue, such as 5%. Regular contributions, even modest ones, can build a dependable budget over time, ensuring you’re always ready to invest in strategies that grow your business.

Once your fund is established, explore effective marketing tactics to maximize its impact.

Stay tuned for our next article, where we’ll delve into the deeper motivations behind your business and how understanding your purpose can drive lasting success.