UWR 002 – Key areas that entrepreneurs overspend on and how to assess if that is you

What this episode covers

Subscribe to Our Podcast: Listen onApple Podcast Listen onAudible Listen onSpotify Listen onGoogle Podcasts Listen onCastbox Listen onStitcher Radio The first area I want to speak about is marketing. Now, lots of people think that they just need to spend money on marketing and that is how they generate their leads, their sales. But the piece that they don't do is then examine the data to really be clear on which pieces of marketing are working for them and which marketing pieces and marketing activities are not. We need to be really, really clear that we understand the data that supports our marketing activities, and that means tracking all the data. That means getting all that data in one place and having someone look at it who understands what it meansSo making sure that, for example, your paid ad spend is being the most efficient it can be and working for you. Making sure that any organic work that you are doing is actually moving the needle in the correct direction in the way that you want to go. So tracking all your numbers around the marketing, around the interactions that you get, the engagements that you get, the click throughs that you get, the number of buyers that you get as a result of different channels, is going to be massively helpful in that. It's going to help you assess whether or not you are spending what you should be on marketing or whether you are overspending on marketing, you're not getting that return that you need from your marketing spend.Another area that we often often see entrepreneurs overspend on is office space. What we see is that people get excited when they start hiring staff and they immediately want to get physical office space. Now, the problem with this is that it doesn't actually usually, depending on the business, but usually deliver any value to be in a physical office space. You don't necessarily get advertising revenue from it, or if you can't put up ads or boards or plaques or anything like that, then no one really might know that you were there. You don't get a huge amount of value from actually having a physical office space usually. However, it's usually something that a lot of people actually want to have. So the question is, do you need a physical office space for your business or can your business run with a virtual office space? So everyone working from home and using various online tools in order to facilitate communication and things.I once mentored a fellow accountant who was building their practise, and they said to me, oh, I don't want to bring on staff. I just want it to be me as a solopreneur because I don't want to have to sign up for office space. I immediately said back to them, well, what makes you think that you need office space when you've got staff? And something then clicked for him, and he thought, oh, because that's what accountants do, we have office space. Now, as some of you might know, that's not how I operate my firm at all. We are all working from home and everyone is, well, working from home or wherever they want to, quite frankly, and we don't have a physical building that everyone comes to work from. We have online spaces where we gather, we use Slack a lot and that kind of thing, but we don't have a physical office building...

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