7 things that might be a waste of money in your small business – 3

 

OK, so the title of this blog series is a little click-baity, but we meet a lot of small businesses who are spending a lot of money on things without really working out whether they need them, whether they will benefit from them, or how they fit with their strategy. Everything which we’ll cover in this series is right for some businesses, but all are significant commitments which should warrant significant consideration.

 

Networking

OK, we know this isn’t going to be a popular one… but you might not need to pay to network. When we work with small businesses, they are often using networking for two different purposes. Often the primary benefit to a business is the support they get from other businesses, and we are definitely here for that. However, that is support which you can often find, or create, without much expense. Businesses typically tell us that the main reason they go networking is for sales, and yet, when we look at the evidence we often find that the actual return when you look at the costs and time doesn’t justify it, and that businesses aren’t getting their most profitable contracts via networking. Networking is a brilliant tool for some businesses, but it can be over prescribed. Don’t assume you need to do it if the data suggests that it isn’t working for you.

 

Let us know what you think.

 

Blog by Isla…

Leave a Reply

*

captcha *