The Australian Small Business Blog

Wednesday, August 08, 2018

Marketing Moments - A Going Concern

by Dr Greg Chapman

Accountants refer to a business as a going concern if it can function without the threat of liquidation for the foreseeable future, usually 12 months. That their current assets are greater than their current liabilities.

However, this doesn’t mean that the business is a going concern in the marketing sense. What would happen if you stepped out of the business? How long would it continue? Would the enquiries still come in? Would the sales still happen?

It’s like a car driving along a highway. When you take your foot off the accelerator, it continues for a time, but it eventually slows to a stop. How far this distance is depends on the momentum of the vehicle at the time your foot is removed from the accelerator.

Excellent businesses have a marketing system that can operate even if the owner steps out of the business for a time. The enquiries continue, and the sales are made.

Enquiries could be coming regularly from their website because of the SEO they have done or through referrals from the joint ventures they have created. Their sales pipeline will also deliver regular sales, in an almost automated way through the steps they have defined for handling client enquiries.

Of course, no system lasts for ever as the marketplace constantly changes and the strategy behind their system must be reviewed and updated from time to time to maintain the moment. (Keeping the tank full.)

When you have a marketing system that is kept up to date, your business becomes a profit machine that can run without you.

All you need to do now is to Empower yourself and take action …

May You Business Be - As You Plan It!

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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.

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