What Should You Spend on Advertising?
By Steve McKee One of the questions I'm frequently asked is: "How much should my company spend on marketing and advertising?" It's a conundrum that vexes many corporate leaders, from emerging entrepreneurs to seasoned CEOs. Unfortunately, instead of seeking a rational answer to the question, many of them just ignore it and hope it will go away. As a rule, emerging companies focus most of their time and talents on meeting the needs of customers, as well they should. If they don't take care of the customers they already have, everything else will be academic. The Big Question: How Much? While there is no definitive answer as to how much any business should spend on marketing, there are general guidelines any company can use to develop a formula that works for them. Your first step should be to try to find out what the advertising-to-sales ratio typically is in your field. You'll also need to ask yourself if your business is built to leverage volume or to leverage margin.
st of Shop Fittings and Fixtures?
Just a thought...before you think about laminating the flooring of any retail unit you look to lease, check the state of the flooring - next week I am getting my first lease on a premesis which had the square carpet tiles (which were very worn and had to be changed).We took up a couple of the tiles, which I suggest you check - as they were firmly glued to a wooden floor underneath. Laminate flooring isn't too expensive, but if you need it professionally fitted, or heaven forbid need the floor screeding then the costs will escalate.If it is a council owned premesis, check if they will do the work - tell them you cannot afford to spend money on their premesis and push them to do it for you. I managed to get 1 year rent free, with a 2 and a half year break clause. I also managed to get them to re-do the walls, put new carpets in and various other jobs. They even painted both floors!!
Business Finance | business loans & other services - moneysupermarket UK
Business finance in general When it comes to managing your business finances, it’s not all that different from managing your personal finances. The key difference is the fact you want to seek out products that are specifically designed for business use, as these will offer better rates as well as other features aimed at making running your business easier for you. Who business finance is for? Business finance is for any type of business, no matter how big or small. You may want to think about business finance if you operate as a sole trader, or if you are a limited company – or if you are anything in between. Read more Who can apply? Anyone who owns a business can apply for business finance, but you must remember that with some products, such as business loans, it may be difficult to get accepted in the current uncertain climate. As a general rule, those businesses with the cleanest credit record have the best chance of getting accepted – and of getting the best rates.
The Average Cost of Small Business Insurance
Insurance for a small business typically consists of coverage for liability, property damage and health. Various types of small businesses can purchase a small business package that will cover many of their insurance needs. Small business insurance can be customised to include additional coverage options, which can affect the price you would pay for the policy. Property insurance Property insurance provides protection for various types of losses by the business, including fire, theft and vandalism. Liability Insuranace Liability insurance offers protection in case of injuries to customers or visitors to a small business. Health insurance Small businesses often provide health and safety insurance coverage. Deductibles A small business that buys a small business insurance policy can choose from various deductibles. Premiums The premium that is charged for a small business insurance policy can vary significantly from insurer to insurer. More slideshows
How to Estimate Restaurant Sales - All About Restaurant Business Plans
A crucial part of any restaurant business plan is an estimate of your future restaurant sales. You need to have a base number of how much money you think you will bring in on a daily, monthly and yearly basis. Estimating your restaurant sales can be based on the number of seats in your dining room, check averages or seasonal highs and lows. You can also divide restaurant sales between food and liquor sales. Look at the Turnover Rate When looking at the number of seats in your restaurant, estimate how many times they can be turned overduring a shift. Understand Check Averages Once you’ve estimated the number of guests at your restaurant at any given shift, you need to estimate the check average. Chart your estimated restaurant sales by month, to include in your restaurant business plan. Once you have established your sales, next you need to establish your restaurant expenses.
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What should you pay for a website?
by Lauren Peters Updated: Oct 1, 2013 Published: Jan 3, 2013 Like it or not, today’s average consumer expects a business to have a website. Even if you don’t actually do business online, consumers are becoming increasingly tech-savvy and like to research companies, products or contact details on the internet, before they contemplate a purchase. For this reason, getting your business online is a crucial investment to give your business the maximum exposure possible. Types of websites If you’ve had a look yourself, you’ll know that the cost of getting your business online ranges dramatically. What you get for your money when paying for a website The services included in the price of getting online will vary from company to company – and therefore it is important to understand the services you will require in order to accurately judge website pricing, and avoid never-ending hidden costs. Web hosting Website maintenance Buying a domain name Lastly, you could buy your domain separately.
Percent of a Business Budget for Salary
Determining your business budget requires you to consider many facets of your operation. For your company to become successful, you may need to hire employees right away or sometime in the future. Accounting for your employee costs and your own wages is important to keeping your budget accurate. Being realistic and taking all aspects of employee expenses into consideration is part of how to calculate the percentage of salaries in your business budget. Operating Budget A business generally requires a variety of budgets. Business Sector Each business sector may have its own requirements for the percentage of salary in the operating budget. Related Reading: How to Budget for a Startup Business Employee Salaries The percentage of your budget allotted for labor, which includes employee salaries, also takes into consideration payroll and unemployment insurance taxes, benefits, reimbursements, overtime, workers compensation, leave time and holiday pay. Owner Salary About the Author Have Feedback?
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