A recent SmartBrief for Entrepreneurs online poll asked its readers the question: “What is your top spending priority once business begins to improve?”
Results (as of this afternoon) included:
- Hiring new workers (32%)
- Investing in new technology / equipment (25%)
- Boosting advertising / marketing (22%)
Somehow this doesn’t compute. So a company that wishes to grow should wait to hire new workers, invest in new technologies, and boost their marketing efforts?
Wouldn’t a new salesperson help your business sell more? Wouldn’t new technologies give you a better competitive advantage? Wouldn’t increasing marketing efforts lead to increased lead generation and ultimately sales?
I have seen this over the last two years with small businesses in Indianapolis who are afraid to invest in marketing because the economy is bad, and they’re waiting for business to pick up. But this is precisely the time to focus on marketing your business! If you don’t have the visibility, your prospects will not know you exist when they are ready to make a purchase decision. Waiting for the economy to turn around is not a viable business strategy. It’s one that will put you out of business.
What are your thoughts?