A business owner’s job isn’t easy. You have a great brand story and a winning go-to-market strategy, but you also need to keep all the departments in your company playing their part to activate your brand and deliver the customer experience with ruthless consistency. If one department, or even one team, is out of alignment, you could encounter a decline in business performance.
This is especially true with Finance and Marketing – two departments that don’t always speak the same language and usually interact about as well as oil and water. Your finance and marketing departments play a crucial role in ensuring your enterprise is operating properly.
Read on for some tips on how to generate alignment between the two departments to improve performance:
- Evaluate Your Monthly Income And Expenses
If you wish to align your financial and marketing strategies, the first step you should take is to check the money you spend and earn monthly. It can be challenging to create plans for your business if you’re unaware of how your cash flows. After all, money is involved in various parts of running your enterprise.
It’ll be easier to identify the points you need to improve if you’re not worried about your finances. For instance, if you wish to allocate more budget for a marketing campaign, you need to assure you can afford it. The worst thing that can happen is to run out of money promoting your brand before sales starting coming in.
If you need more funds to keep your business running, you can consider applying for small business loans online and offline. There are various options available to help lessen your financial burden. Taking out a line of credit or short-term business loan will allow you to invest in many areas which will help you build your brand and benefit your company.
- Focus On One Area
It may be challenging to align your finances and marketing strategies if you’re working on them simultaneously. In some cases, the other will follow once you fix the area that needs more attention. For instance, working on your marketing efforts to increase your sales may help improve cash flows and make your business more financially stable. Hence, it’s best to focus on one area first and see how it’ll affect other aspects of your business. By engaging B2B digital marketing services you not only make it easier for your team to market your products and services, but also you gain real-time visibility to your sales conversion rates so you can plan appropriately.
- Use One Platform
Nowadays, it’s easier to keep track of your business’s performance using enterprise resource planning (ERP) and marketing resource management (MRM) software. Some programs have various features like tracking finances, updating employees, and monitoring customer experience. If you wish to align different aspects of your enterprise, it’s a great way to break down silos and monitor transactions across the business.
It’ll be less stressful to find any information you need if all data are in one place. Furthermore, you won’t need to worry about misinforming your employees. For example, you can easily assign tasks to your marketing and finance teams since all the information they may need is already accessible to them. They can also check files or documents related to their tasks without affecting the daily operations of your business. Integrating a enterprise software system in your workplace will help you stay organized and productive.
- Conduct Meetings
Your employees play an integral part in assuring the alignment of your financial and marketing strategies. If there are misunderstandings within your team, keeping everyone on the same page will be challenging. Any disruptions in your workforce will affect your company’s performance. Thus, you should prioritize meeting with your staff regularly to share performance tracking insights.
One efficient way to inform everyone about their tasks is by conducting a regular, 20-minute “stand-up” meeting. You could discuss your goals and address any concerns your employees may have. Additionally, a quick meeting like this meeting can be a great way to encourage collaboration and ask for ideas to streamline your financial and marketing processes. After all, you don’t want your staff to feel out of the loop or overburdened by their workload since it could impact their productivity and quality of work.
- Use The Reports and Analytics You Have
Your finances and marketing efforts should go hand-in-hand. However, don’t let poor reporting systems limit you or prevent you from planning marketing initiatives that’ll benefit your company in the long run. It’s always better to make the best of what you have to work with – rather than complaining about poor report quality, limited analytics or inefficient systems.
Your basic financial reports can provide you with great insights into how your products and services are selling in the marketplace. For instance, you can see who your target audience is and which items are most in demand. It’s vital to know this information since it’ll guide you once you create your marketing campaign.
You’ll know how to capture your target market’s attention if you understand their buying habits. Furthermore, you can formulate marketing strategies that’ll highlight certain products you want to promote.
Aligning your financial and marketing strategies is the first step to creating an efficient and effective operating model for your business. If you don’t know how to get started with aligning both departments, first evaluate your current performance and build a case for action.