Money is one of the fastest moving things on this planet.  Often spent before it’s earned, it definitely holds a fragile existence in many lives.  To too many, it is the all-consuming god and to others, it’s a tool (the latter is a much healthier perspective.)

In either case, one cannot be too careful with it.  As a business owner, you have to constantly ask yourself  “what is the return on this investment?”  Advertising, marketing, promotions, p.r. and appearances, networking, memberships, and so on all create a formidable wrestling match for the dollars.  We’re torn between what is good business and what is good relationship building.  Too often, the latter is the winner.

Specifically in the area of promotions and networking, it comes down to knowing your market, knowing who to talk with about future business, and generating relationships with those key people. Cold calling is a waste of time – referrals are what you want to generate.

So is the networking group filled with those people or just people-who-may-know-someone-who-knows-someone?  (Don’t be afraid to ask them!)

And is the convention filled with people who are looking for you?  Or is it filled with people who may-or-may-not-someday-need-someone-like-you?  In which case they won’t “save your information” because they won’t even remember why they saved it in the first place.

And what about that great advertising spot in the yellow pages/directory/t-shirt?  Who will see the ad?  Would you look for your business in those spaces?

You may answer “yes” or “no” to each of these questions, but all too often dollars are thrown away for the naming rights to a stadium instead of just giving customers a good deal.  Too many times you’ve been “everywhere” and it’s sensory overload.  Your message is lost.

When in doubt, ask your leads and customers where they found you in the first place.  You may be surprised at just how affordable marketing can be.

It’s a common adage in business.  You may notice a direct correlation between the spot a business holds and its success.  Sometimes a company may have a wonderful product and marketing campaign, but still suffer due to a bad spot. 

Other times, the reverse is true – convenience is a powerful pursuader - just look at Wal-Mart.  Love or hate them, but you can get tires or cheese at 3 a.m.  They’re the next Starbucks – building more than one location within a 10 mile distance in many cities.  You may scoff, but how many times have you balked at an errand that wasn’t “on the way?”

But there is more than just a physical location to keep in mind.  There is also the location you have in the community – even in the mind of each of your customers.

We’re a high-speed society with too many choices and not enough time.  The priority a business has in a customer’s mind is fickle at best.  But to be the first one they think of is key real estate!

So I challenge you to consider the perception your business has across the board:

“When my name comes up, do people react with a smile or a frown?”

“When people think of the services I represent, do they think of me first?”

“When people think of upstanding business practices, do I fit in this category?”

“Do I have any unhappy customers?  What did I do to make it right? Could I have done anything at all?”

These lines of thought will lead you to conclusions you may not wish to face, or could give you a clear conscience and a refined focus.  Remember them when you expand in any way.