Know your figures

Had a couple of days away from entertainthekids work, doing other things. It would be great if I could just concentrate on ‘etk’, but then I’d have no cash at all, a very unhappy son and an extremely scruffy house with bare cupboards! Altogether now….aaarrrh.

Had a bit of a scare aswell. We have come up with some cracking ideas to promote the site pre-launch, but they all cost money unfortunately. And you just don’t realize how much it all adds up, until you get some proper quotes, factor in the cost of any postage, food/drink or any other bits and bobs, like promotional clothing etc. And suddenly you’ve no money left! (luckily we’re just at budgeting stage, we haven’t actually spent it yet).

I should know better. When I look at our projections and business plan, I can see that we just didn’t go down to enough detail on the numbers for PR & marketing. I’ve just assumed a nice round estimated figure. I suppose it was because I thought at the time that none of it was crucial, and if we couldn’t afford it, we just wouldn’t do it. Which is fine in theory…..

But once you’ve come up with these ideas, and believe that they will really make a difference to your business financially (ie - with lots of members signing up from day 1) you begin to think that they aren’t optional at all.

So, I keep putting my objective head on. And looking at every budgeted figure in detail, to see if there’s any way we can get any costs down. I find that only the business owners can do this. Anyone else (such as your marketing advisors) just don’t have the same drive to keep costs low, it’s not their money after all. I’m having to be a bit creative and think of other ways of achieving the same objective.

And although I keep trying to persuade myself that it doesn’t matter if we don’t run our focus groups in the way I want to, and don’t do the promotional work at the events I think we should, and don’t hold a launch party etc etc…..I just can’t convince myself.

I guess this is what they mean by taking risks as an entrepreneur. You only have a finite amount of money available, and at the end of the day you just have to trust your own judgment that the spending decisions you make, are as efficient and worthwhile as possible. So much of a risk taker are you?

Kirsty