Adam Foale • July 27, 2021

Your Business Marketing

Is internal or outsourcing the best way to go? 

Marketing your business is an important part of any small, medium or large business. It drives sales, new customers, enquiry and is intrinsically linked to your business success.
 But what is the best way to spend your marketing budget? Is it to employ internally and then hand over the reigns to that person? Is it to hire an agency to handle all marketing on your businesses behalf? The answer is dependant on your business, industry and your previous experience. 

Internal Marketing Function: This approach means finding the right person to work within your business
to manage and organise marketing activity.


This could be on a part or full-time basis and may not include additional costs such as graphic design, video production, media buying or website design etc that your internal marketing person may not be able to execute.


You may also be hoping this person gets an intimate understanding of your business and can get to a stage in the future where they come to you with great ideas to market your product or service.


Depending on your management style and knowledge of marketing in your industry, an internal person may be the way to go.


Outsourcing your marketing: This normally means appointing an agency to look after the marketing for your business. They are external to your staff and can come in with new and fresh ideas that have worked for their clients in the past.


Agencies normally have multiple team members who specialise in the different areas that need execution. Graphic Design, Web Design, Advertising, Media Booking, Sponsorships and Social Media to name a few.


As an agency is external they won’t add to your payroll, superannuation or workcover commitments, their services are invoiced separately like any other supplier.


Further to this, costs for an agency like computers, software, cameras, audio equipment, etc, are all their cost not yours so their fee covers these items unlike an internal staff member where you may need to purchase these items. An agency may also have lots of experience in your industry with other clients of theirs, ideas they can bring to the table to help your business. 


Things to think about before deciding: Do you have time to work with an internal person or an external agency- allocate that time each week/month so you can effectively market your business.


Decide if you want to invest in an internal person or external provider- talk to peers in your industry or who are in their own businesses about their preference.   Whatever you do, the idea is to track success with your marketing. Whether that is new customers through the door, visits to your website, followers on your social media or purchases in your onine store. Be sure to set expectations with your internal staff member or your agency. 


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Having a ‘Marketing Plan’ for your business is Step 10 in the Mulcahy & Co FS360 process. Helping you achieve financial security is at the centre of what we do for all clients.


FS360 is a step by step process we use to achieve this with you over time. 

How Marketing Consultants and Accountants drive business success

By Gavin Nash • August 21, 2024
Marketing consultants and accountants help businesses succeed via strategic planning and financial management. Learn how these professionals improve market strategy, performance, and economic stability for sustained development. Introduction Success in today's business world requires more than a great product or service. Strategic planning and budgetary management are needed. Here come marketing specialists and financial officers. Each has distinct talents that boost company development when combined. Marketing Consultant Role - Recognizing Market Trends They know customer behavior and market trends. They begin with significant market research to identify trends, customer preferences, and competition. They analyze this data to assist firms in predicting market trends and modifying tactics. This proactive strategy keeps marketing current and successful, helping organizations remain ahead of the competition. Creating Effective Strategies This must create and execute a successful marketing strategy. Their campaigns target targeted audiences with specialized messaging. Real market data, not assumptions, informs these initiatives. This method improves marketing initiatives by increasing consumer engagement and conversion rates. Growth and Brand Positioning They create engaging brand narratives and manage brand communications across platforms to boost a company's exposure and reputation. This includes social media, digital ads, and content marketing. Marketing experts boost brand awareness and client loyalty, boosting company development. Performance measurement and optimization Measure and optimize marketing performance is another important consultant task. They measure marketing campaign success using KPIs. Through extensive performance data analysis, they determine what works and what doesn't for changes and enhancements. This continuous tuning optimizes marketing techniques for optimal efficacy and ROI. The Role of Accountants - Management and Financial Planning They advise on resource allocation via budgeting, forecasting, and financial planning. Their knowledge helps organizations make smart spending and investment choices to boost growth and stability. Compliance and Tax Optimization Tax standards are complicated, but they can help you comply. They comply with regulations to file taxes and assist companies to avoid fines. They also find tax savings and reduce tax bills, assisting firms to reinvest and thrive. Financial Reporting and Analysis Financial reporting must be accurate to comprehend a company's finances. These personnel provide precise financial accounts and reports that show financial health. They inform company choices by analyzing this data. Financial clarity helps firms evaluate performance, manage cash flow, and plan strategically. Cost-Control and Efficiency Cost containment and operational efficiency are other accountant priorities. They track and cut wasteful expenditures. They boost profits and financial health by finding cost-saving options and optimizing procedures. Collaboration between marketing consultants and accountants - Integrated business strategy They work together to boost the company. Coordination of marketing and finance initiatives promotes growth. Financial information helps marketing experts enhance their tactics, while they examine marketing goals when budgeting. This alignment guarantees that all company parts work toward common objectives. Improvements in Decision-making They improve decision-making. Marketing experts analyze market trends and customer behavior, whereas accountants analyze finances. This complete picture helps firms optimize resource allocation and prioritize high-potential activities. Long-Term Success They work together for long-term company success. They provide financial stability and efficiency while marketing advisors boost growth via brand positioning and initiatives. They offer a balanced strategy that promotes sustained growth and company success. Conclusion Accountants and marketing experts are crucial to corporate success. Marketing consultants know market trends, strategy, brand positioning, and performance improvement. Financial officer help with financial management, tax compliance, reporting, and cost control. Together, these specialists produce a synergy that boosts strategic development and operational efficiency. They both are essential for organizations to succeed in today's competitive industry.
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