Overcoming Financial Setbacks for Your Business

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  • Having a well thought out marketing plan is crucial to business growth and avoiding financial setbacks.

  • Digital marketing such as content creation, being an influencer, and having some sort of social media presence is vital to every good business marketing strategy.

  • Content is king.

  • Creating valuable and insightful content will broaden your social media reach and position your business as a trustworthy player in the business world.

  • Being on social media helps you grow a following and often costs little to no money to do so.

  • If people are not engaging with your content, pivot, adapt, and find other ways to capture consumer attention.

  • Over 95% of business advertising is spent on online ads.

  • Having a strong digital footprint is crucial, and not having one will greatly impact your business growth.

  • Increase your advertisements if your content is not gaining enough traction to adequately sustain business growth.

1) Lack of a controllable marketing strategy.
  • Not having a solid marketing strategy can lead to financial setbacks.

  • Digital marketing is crucial because it is cost-effective and easy to manage.

2) Failure to Create and Advertise
  • Not creating any content or lack of engagement in your own advertisement and hinder growth.

  • Building relationships through digital marketing is vital.

  • If your social media content is not receiving enough attention, pivot to other strategies.

  • Increase advertising efforts if content engagement is low to sustain business growth.

  • Understand and anticipate that financial setbacks are inevitable due to changing market conditions.

  • Even if your business is growing at a rapid pace, anticipate possible business declines and plan accordingly.

  • Using revolving credit, business credit cards, and lines of business credit to build a strong and trustworthy business credit history.

  • Obtain business loans when interest rates are low.

  • Lock down loans before interest rates increase to stay ahead and minimize financial loss for your business.
  • Build business credit by getting credit cards that report to your business, not personal credit cards.

  • Reinvest in growth when competitors challenge your market position.

  • Conduct a SWOT analysis frequently to identify strengths, weaknesses, future opportunities, and potential competitor and market threats.

  • Always analyze and improve your business strategies to avoid finical setbacks and to sustain business growth.

  • Wisely use debt for business growth, not for luxury items.

  • Good debt involves taking on debt for positive returns, such as investing in advertisement.

  • Avoid bad debt, which is used for any non-essential business and personal expenses.

  • If your business has good cash flow, reinvest to foster future business growth.

  • Consider borrowing against future revenue to expand your business.

  • Proper cash flow management ensures that your business will remain resilient and capable of handling financial setbacks from competitors and various market forces.