Many politicians come from the world of business, so it’s unsurprising when they want to run the government like a corporation once they’re elected. But what happens when we reverse that pattern? Is there anything small businesses can learn from political campaigns? In fact, small businesses can learn some important financial lessons from those.
Try these strategies to boost your business’ financial prowess.
1. Know The Prime Times
Politicians don’t try to advertise during the Super Bowl. That would be financially untenable and impractical, even if the ad reached a lot of people. Simply put, it could destroy a candidate’s budget in a heartbeat.
The same is actually true of peak political seasons. Television stations increase their advertising rates when political campaigns are in high gear. Save your money for a less expensive time.
2. Partner Up
In a presidential campaign, ultimately two candidates join together to become one by running for president and vice president. If both of those individuals had been running independently before, rather than the presidential candidate choosing an outsider, the financial impact of their old individual war chests can be substantial.
As a small business, you don’t want to absorb another company into yours, but there are times when it makes sense to partner up. Find ways to jointly stretch your budgets by sharing ad space or running a combined deal. This is a great way for complementary businesses to grow together.
3. Use The Right Programs
One financial black hole that many small businesses encounter is the looming presence of useless software. You bought something you thought would work, fought with it for a while, and then couldn’t return it. Or business find themselves using multiple programs – and paying for them individually – when something better exists to merge those functions. Using the wrong technology is a recipe for financial disaster.
Instead, ask around to see what others are using successfully. Phoenix, Arizona councilwoman Kate Gallego chose the same software as the Obama campaign to run her fundraising operations. She saw something that worked well on a larger scale and adopted it for her own purposes.
4. Don’t Ignore The Obvious
Think that social media can’t help you? Think again. Everyone is on social media these days, even politicians. And while you can pay to boost your posts to gain them more attention, developing a strong social media strategy will allow you to make use of a largely free set of platforms. You’ll access more people through social media than almost any other channel today, and you’ll reach different generations on different platforms.
Political campaigns are savvy when it comes to financial issues. Follow their lead and you’re sure to pick up more useful tips for how to build you business.