If you’re running a business, you probably already know that all departments within an organization are interconnected. The best part of it is that you can make some of them work together even more and really help you take your business to the next level. Therefore, although marketing and accounting are two completely different aspects of your business operations, it’s possible to make them work together. Listed below are five foolproof ways of doing so.
There’s no need to say that you need money in order to promote your business. With so much being invested in marketing, keeping track of your finances is one of the best ways to check whether your marketing campaign has been successful or not. There are proven methods that can tell your accounting team exactly what’s working and what’s not. This allows you to identify which content converts the most customers and focus on it in the future. As a result, you’ll spend less money and attract more customers to your business.
Choosing the right prices
No matter what you sell, identifying the right prices for your business is extremely important. Fail to do it and chances are all your marketing efforts will be in vain. If you want to figure out the correct prices for your business, you have to work closely with your accounting department and take a closer look at all of your expenses. Once you know how much it costs you to create a product, it’s time to take a look at your competitors and try to offer better prices than they do. Your marketing team can also help you determine the prices that look attractive to consumers and make your product stand out.
Readjusting your budget
Running a marketing campaign on a shoestring budget isn’t necessarily the best idea. Not only does it mean your marketing team has fewer options in front of them but it also takes their focus off marketing and makes them keep a close eye on their budget. Luckily, when both departments are working together, marketers in your company can focus solely on the task at hand while accountants can keep readjusting their budget. If you opt for Xero integration as well, gaining a better understanding of your finances and taking control over your budget will become even easier.
Running a business is all about planning long-term. If you want to succeed, it’s critical to pre-plan as much as possible and try to develop a strategic vision over the long haul. This is something both your marketing and accounting team should be able to help you with. If you know exactly what marketing channels you’re going to need in the future and how much they’re going to cost you, creating a business operations plan will become much easier. As long as both teams have the reports from the current year and keep a close eye on other companies in the sector, you’ll be able to include them in the strategizing process.
Keeping a close eye on the relationships between sales and costs in your business operations is a must. These relationships are called ratios and they’re something both accounting and marketing department can help you with. These two teams are supposed to work together in order to monitor the ratios between marketing and all the marketing expenses included. As a result, they’ll be able to provide you with ratios determining whether or not your marketing was efficient. If your ratios aren’t looking too well, it means it’s time to make a change in the way you approach marketing.
To sum up
Both the marketing and accounting departments play a hugely important role in your company’s business operations. They do so even more when they work together and allow you to determine whether you’re using your budget the right way. With that said, having all the departments in your business operate like a well-oiled machine is one of the best ways to take your organization to the next level.