“Parting with some profit and investing in effective marketing can have very rewarding returns on the money. The new tax cuts for businesses will lead to less taxes being paid by corporations and flow-through entities, thus more money remaining to invest back into the business.”
The US has seen a favorable boost in economy as of late. Job growth has been strong, and stock prices continue to surge upward. Consumer confidence is high, and businesses are reporting great growth and success. On top of that, the tax law that was recently passed will without a doubt have a positive influence on a lot of businesses.
I recently spoke to reporter at the Asbury Park Press about how the tax benefits of this new law will impact Splendor Design Group.
I explained how our business has experienced tremendous success recently, with some remarkable growth over the last five years in particular. As we continue to grow and experience increased revenue and profits, it is important that we strategically to reinvest in the business. The same will be true for any capital that we realize from the new tax law.
In the case of our business, that reinvestment has taken two different forms:
1. New Hires
We have added several new, key players to our team in the last few years. Each of them has brought specific skill and expertise that has enabled us to expand our capabilities and service offerings, as well as pursue larger and more sophisticated clients and projects.This strategic investment in new hires is a key part of our overall business plan.
2. Marketing & Advertising
We have also increased our investment in marketing and advertising, which will allow us to reach a larger audience, strengthen our position, and grow our business and revenue further.Again, part of our strategic plan for growth.
For many small to mid-sized business owners, it’s seriously tempting to reward the company’s leadership when times are good. But it’s worth considering that a strategic investment back into the business, whether it’s people or marketing, may have greater long-term benefits.
Michael Vitolo, CPA and Owner at Vitolo and Associates
Naturally, one would hope that any investment would yield a positive return in time. I’m in the business, and I’ve worked with hundreds and hundreds of companies to build their brands, websites, and marketing programs. I can confidently say that an investment in your business’ marketing is absolutely one that will generate a nice return – if invested wisely.
Every time I get together with another business owner, I am interested to hear about their history, their operations and their progress. But it is particularly fascinating to hear about finances and strategy for growth for various companies.
I’m amazed at how many simply do not have a plan or budget allotted for marketing.
If your business is on the rise, or you anticipate you’ll be looking at some additional capital at your disposal resulting from this new tax law, I’d love to have a conversation about how to make the most of that through effective marketing.
Adam Taylor is Splendor’s Founder & Creative Director, who has led our company to over 206 awards. Connect with Adam on LinkedIn to see his latest business tips, projects and thoughts in the industry.
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