Ghosts of Business Past, Present, and Future

I’m no Scrooge when it comes to the holidays by any means. But Ebenezer and I do have one thing in common; we’re both businessmen. Everybody in business has made mistakes, like Mr. Scrooge. But not everyone gets the chance to reflect on those slip-ups and rectify them.

I thought about if I was to be visited by the “Ghosts of Business Past, Present, and Future” during the holidays and what they would tell me. In an effort to save you from three horrible, see-through spirits waking you up in the middle of the night, here’s the wisdom I think they’d impart to us:

Ghost of Business Past 

1. Increase your marketing budget. This is something we all wish we’d considered earlier in our business endeavors. If you’ve noticed decreased demand and increased competition in this challenging year, it’s time to consider bulking up your budget. Shell out some of that spending money on social media ads, which offer low-cost and high-ROI advertising opportunities.
2. Offer customers support. Whether you opt for a live chat or simply respond to issues on social media, give the people supporting your business the help they may need. Good customer service is a great start to staying off of the Naughty List.

Ghost of Business Present

1. Master the power of presentation. Keep your customers intrigued and invested in what your business is bringing to the table by sharing a message through whatever is being offered.
2. Update your website to improve search engine optimization (SEO). When you need something, you “Google” it. Using relevant keywords helps potential customers (and Google) find your website and then they can buy your product or service. 

Ghost of Business Future

1. Plan, plan, plan. Prep for possibilities later down the road by taking the time now to understand what your customers want. Stay-up-to date on what’s working and what isn’t to set your business apart and, most importantly, set yourself up for success next year. (2023 is only a few days away, by the way.)
2. Have a strategy for your marketing spending next year. With so many mediums to use to connect with your customers, it’s best to plan ahead and know where your messaging will live and what it will cost. (B2B clients should spend about 4%-7% of gross receipts on marketing. B2C companies should cough up 8%-11% of revenue for marketing on average.)