Can you name one area in your business that is just a waste of money?

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A large business can hire 10 people to do their marketing, spend millions and still have very little to show for it in increased revenues. No one really knows outside of the company how much is spent on marketing because it is hidden in the profit and loss statement under “operating expenses”. If a prominent shareholder were to ask how much is spent on marketing, they’d be pointed to the general sales and administration expense.

By not running a business themselves, marketing people do not know the impact of their activities on the company’s sales. In some severe cases, marketing skills are so low that the company may just as well fill wheelbarrows with millions of bank notes, wheel them up to a cliff and tip them over. Continue reading “Can you name one area in your business that is just a waste of money?”