I create financial strategies for wedding businesses. Sometimes, as I dig deep into the numbers, the problems are not financial inadequacies but weak marketing strategies. In other words: the owner isn’t profitable (or earning what they want) because they aren’t selling their services in the best way. They simply aren’t getting enough leads.
If you aren’t earning what you want, this is an important differentiation.
Are your company’s earnings weak because you don’t have a financial plan, or is it because your marketing strategy isn’t strong?
Spoiler alert: often it’s both. This is when you need to sit down and get real about your money… ANDDDDD you should examine how you’re attracting (nor not attracting) engaged couples.
If you have both financial and marketing weaknesses, you need to examine how you market your business, how your services are priced, how many leads you’re getting and converting, what you’re doing for exposure… and ALSO, how your numbers (finances) tie it all together to lead to big profits?
Marketing strategy is figuring out how to heighten your visibility. (You need to be seen in all places… and I’m not talking about social media alone. I’m talking about physical, live, in-the-flesh, visibility.) Financial strategy is all about sitting down and setting sales goals and an expense budget.
Finance and Marketing are the yin and yang of business strategy (with operations acting as the cocoon surrounding it.) As you put together your business strategy, consider how these two things intertwined will impact your business.
Does this give you a bit more clarity for your strategy this year?
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