<p style="text-align: justify">New business owners are full of enthusiasm and energy when their entrepreneurial dream comes true. To ensure your P&;L statements stay profitable, make a commitment to learn all you can about marketing and advertising, controlling expenses, hiring the right team and turning to experts for help.</p>
<h2 style="text-align: justify">The Secret of Marketing and Advertising</h2>
<p style="text-align: justify"><img class="alignnone size-full wp-image-1561" alt="Seek Help from Experts" src="https://medusamagazine.com/wp-content/uploads/2013/05/Seek-Help-from-Experts.jpg" width="589" height="506" /></p>
<p style="text-align: justify">Image via Flickr thetaxhaven</p>
<p style="text-align: justify">If it seems like competitors are leaps and bounds ahead of you, it&#8217;s time to review and stick to the real secret behind marketing and advertising campaigns. What&#8217;s the secret? It&#8217;s all about building a brand and achieving brand loyalty.</p>
<p style="text-align: justify">A brand is not just the company name or logo—or the products or services you sell. A brand is everything about a business from the business plan to the vision and mission to corporate values to customer service. A brand encompasses everything about your business and in order to find your brand identity, you need to market, advertise and promote consistently to gain consumer interest.</p>
<p style="text-align: justify">All promotional materials from letterhead to websites to social media pages to print and newspaper ads and uniforms should follow similar themes. You&#8217;ve achieved a brand identity when consumers resonate with your corporate colors, slogans and customer service—and refer others.</p>
<h2 style="text-align: justify">How to Control Expenses</h2>
<p style="text-align: justify">From the first day a business is open and sales are made, new entrepreneurs immediately think about spending money on business improvements like furniture, fixtures and new technology and equipment.</p>
<p style="text-align: justify">Live with the old for a while and give the business a chance to grow. If you immediately spend money on the unneeded, you&#8217;ll soon find your P&;L in the red or applying for business loans and that means more debt. The best way to control expenses includes:</p>
<ul style="text-align: justify">
<li>Forecast revenues and expenses and compare predictions to actual numbers.</li>
<li>Adjust cash flow performance based on comparisons—if expenses are high, cut where you can. If sales are low, revisit price points and marketing and branding campaigns.</li>
<li>Make a commitment to keep accounts receivables current—this is cash you need to cover expenses.</li>
<li>Review annual business must-haves including liability insurance, health care and employee benefit packages to find the most affordable.</li>
<li>Apply sound inventory control management; obsolete or non-selling inventory are wasted assets.</li>
<li>Don&#8217;t apply for business loans for the sole purpose of getting out of debt.</li>
</ul>
<p style="text-align: justify">Do review expenses monthly, quarterly and annually.</p>
<h2 style="text-align: justify">Hire the Right People</h2>
<p style="text-align: justify">The old saying if you pay peanuts, you will get monkeys is very true. Make a list of positions you need to fill and write job descriptions. Hire dedicated employees by:</p>
<ul style="text-align: justify">
<li>Offering competitive salaries with benefit packages.</li>
<li>Reward your employees on a regular basis.</li>
<li>Engage your employees to keep them motivated.</li>
<li>Write clear employee procedures and policies and make sure they are applied equally from entry level employees to managers and supervisors.</li>
</ul>
<h2 style="text-align: justify">Seek Help from Experts</h2>
<p style="text-align: justify"><img class="alignnone size-full wp-image-1562" alt="The Secret of Marketing and Advertising" src="https://medusamagazine.com/wp-content/uploads/2013/05/The-Secret-of-Marketing-and-Advertising.jpg" width="476" height="413" /></p>
<p style="text-align: justify">Image via Flickr cgabc</p>
<p style="text-align: justify">There is a lot business owners can learn from free resources like the SBA or locally. Economic development centers can be found in your area. Most offer helpful tools including:</p>
<ul style="text-align: justify">
<li>Business workshops and seminars</li>
<li>Area market trends by industry</li>
<li>Mentoring programs</li>
<li>Guidance on funding your business</li>
<li>Community groups and roundtable events</li>
</ul>
<p style="text-align: justify">Using the experts closest to you guarantees useful insights whether offered by trained economic industry professionals or local business owners. Implement strategies you learn to help grow your business.</p>
<p style="text-align: justify">Owning a business is exciting and challenging. Learn to deal with challenges by following these tips and turning to experts when needed to succeed.</p>

How to Run Your Small Business Like a Tight Ship
