Turning your health goals into wealth goals
If you join the dots between your personal life and business life that is exactly what you can do
Last week we talked about the Parallels of Fitness, Health and Marketing and this blog further joins up that thinking
- Each Briton spends around £787 a year on alcohol (Macmillan – 2014)
- The average British person spends over £4000 on dining out each year, that’s a quarter of the average annual income (Open Table)
- The average British person spends over £600 on coffee
- A person smoking 5 cigarettes a day will spend £548 over a year (NHS)
- The average spend on chocolate in the UK each year is £115 (Euromonitor)
Many of you reading this blog will have started off the year with the best of intentions to live a better healthier life
We’re not talking total abstinence. We’re not talking living like a saint. We’re talking the marginal gains that add up like drinking a little less, cutting takeaways down to once every other week rather than every week, drinking 1 less
cup of coffee a day, not stopping off at the newsagent every single day for your chocolate fix
To give you an idea of how much you’d save in £££s from cutting out just 10% of the above – it’s over £600 a year
WHY DOES THIS MATTER FOR SMALL BUSINESSES?
Small businesses finances are often interlinked with the business owners personal finances
They’re rarely separate entities
The business was often founded on redundancy pay, an early pension or a bank loan with a personal guarantee (with your family home as security)
And when it comes to budgeting often the one area of business that people neglect is the marketing budget
Small business owners often want to live a lifestyle rather than a reality – either a lifestyle they expected as a small business owner or the lifestyle they have when they had a guaranteed salary
Expecting a business to grow without marketing is like expecting to lose weight without a healthy diet and exercise plan
HOW MUCH SHOULD A BUSINESS INVEST IN MARKETING?
Always remember Marketing is an investment not an expense
Royal Mail Marketreach research revealed recently that Marketing is now critical to growth of 81% of small businesses and nearly three quarters of small businesses reinvest up to 20% of their turnover into marketing initiatives
Accountancy firm Quickbooks recommends the following for your Marketing Budget
* Companies that have been in business for 1-5 years should allocate 12-20% of their gross revenue or projected revenue on marketing for the year.
* Established companies would allocate 1-10% on marketing from sales revenue
How does that compare to how much your business is currently investing in marketing?
TURNING YOUR HEALTH GOALS INTO WEALTH GOALS
Do an audit of how much you spend on the areas above – alcohol, dining out, coffee, cigarettes, chocolate / snacks
Work out how much you’d save if you cut out 10% / 20% / 30% of that expenditure
And reinvest that money into your businesses marketing
I know a lot of startup businesses that haven’t event spent £60 on marketing never mind £600 (and I know some of you reading this will be nodding your head – saying that’s me)
Turn your health goals into wealth goals
Your doctor will thank you for it. Your family will thank you for it. Your accountant will thank you for it. You will look back in years to come and thank yourself for it
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Please call Alex on 07806774279 or email alex@altrinchamhq.co.uk
