We’ve all done it. New Year’s hits and we’re filled with resolve. We’ll exercise more; eat better; spend more time with family, and – of course – sleep more. We do it all. All for one week.
High street stores aren’t the only businesses falling victim to online competitors. Professional services firms are suffering equally, and must react to survive. For many years, established small and medium-sized solicitor and accountancy firms relied on word of mouth, loyalty and location to ensure a regular supply of custom. Multi-generational client relationships – the stuff of Charles Dickens novels – ensured that wills, conveyancing, small business accounts, tax returns and other always-needed activities continued to provide steady and predictable profits for firms and their partners.
Marmite: you either love it or hate it. Or so the advert goes.Well, those that love it, really love it.Following Unilever’s recent row with Tesco, dubbed ‘Marmitegate’, consumers flocked to Twitter, signed petitions and complained loudly to news channels.Threatened with a 10% price hike for many of their best-selling brands, the retailer withdrew a significant number of Unilever lines from their shelves. Brits from Dover to Dundee were incensed; the press waxed lyrical about the episode as a post-Brexit portent of doom, and £3 billion was wiped off Unilever’s share price.
As a business owner, you’ve got a million and one things to think about. With a to-do list as long as your arm, there are always those niggly jobs that get pushed to the back of the queue on a regular basis. But one thing you ignore at your peril is intellectual property (IP). Without a firm grasp on your business’s IP, you can seriously undermine the value of the company when you come to sell. Protecting it ensures the organisation retains its competitive advantage and safeguards future revenues.
Sponsorship is a great way to advertise a business. Seeing your logo on sports shirts or charity event materials is going to generate a boat-load of leads. Isn’t it? Let’s not mince our words here; The answer is no, it won’t. Spending on sponsorship to drive sales is a mistake.