The spending review, next year, will set out plans for public spending over the years to come. But what are your plans for marketing spending over the next 6 or 12-months? What are your priorities? What is the direction of the future shape of your business? And what choices, or sacrifices, will you have to make?
There are always choices to be made, however well your business is performing. But how do you take a balanced approach which places equal weight on keeping costs down, engaging customers, and investing in your brand to drive growth and prosperity? In an ideal world, businesses need to invest in their business and brand, and look at things from a very pragmatic point of view. Most businesses will have budgets in place for 2018-2019 but not beyond, so it’s important to talk about your priorities going forward.
It’s difficult to make firm plans before Brexit, but many businesses are already seeking advice on what they can do now to minimise future problems. It’s important to adopt a flexible approach and have a buffer in place so should something unexpected happen, you have the capacity to provide additional support. It’s important to revisit where you are and decide how best to respond depending upon the market, your people, your finances, your competitors and the circumstances of the moment. The important point is having the information and resources that would enable you to intervene.
Should the era of austerity fail to come to an end, many businesses will have to restructure themselves over a period of time. Businesses should, therefore, aim to have a plan that will take them through a transition, so they have a smooth path from where they are now to where they need to be.
According to The Creative Industries Federation, the uncertainty and threat of a no-deal have already driven some companies to take significant steps. Now’s the time to begin preparing for the impact this may have on your business. So sit down, take advantage of the frozen duty on beer, and put a plan in place to prime and position your brand for growth.
But, whatever you do, don’t leave the fate of your brand down to a flip of the new commemorative 50p Brexit coin. Businesses still need to run, after all.
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