Financial strategy is VERY closely tied to marketing strategy. Financial plans cannot exist without a strategy for how you will sell your services and/or products.
Frequently a wedding pro will come to me with money problems. BASICALLY: they want more earnings. After spending some time going through their numbers, I sometimes see that they actually manage their finances pretty well. BUT – the struggle is that they aren’t selling enough.
If you aren’t selling enough, you are typically not marketing well. You have a marketing problem – NOT a financial problem. (OR – a little of each.)
How do you know if its financial or marketing? Do you feel like you do a good job of running your books? Do you feel like you do a good job at staying on an expense budget – or spending frugally? Do you have a cash reserve for your business? (and personal?) If you’re doing these things well and still don’t have enough income… go back to see how you’re selling yourself. How are you promoting your business? Is it a match for what you do and your target market? Are you priced high enough (to allow you to earn from this business)? Are you getting enough sales volume?
What do you think about this? Does this resonate with you?
PS – don’t forget about The Action Plan for your 2018 Business Strategy Planning! Work through your marketing and financial strategies for the New Year.