How would you spend $20 grand on your business?

I entered a contest recently and the grand prize is $20,000.  One of the entry requirements is that you have to describe how you would spend the money on your small business.

Wow. The mind reels!  Can you imagine?

So, let’s say $20,000 fell in your lap, and you had to spend it on your business over the course of, let’s say, a year.  How would you spend it?  This was actually a good exercise in thinking about safety and risk.  Would you try some things that you weren’t sure would work?  I would.

Here’s how I would spend my $20,000…

  • $5,000 for equipment replacement and updates (new video lights, software, digital camera, etc.)
  • $3,000 for targeted direct mail campaign (e.g., post card campaigns)
  • $2,500 for a series of display advertisements targeting small businesses and nonprofits in community newspapers
  • $2,500 to invest in search engine marketing (this is new; we have not tried this before)
  • $1,500 for professional memberships (AMA, PRSA, WWPR, IABC, IPRA) and Chamber of Commerce membership
  • $1,500 for one high-visibility sponsorship & exhibit opportunity in the communications community (because we subcontract to other firms and consultants)
  • $1,000 for printing brochures, signage, and marketing collateral
  • $1,000 for Facebook advertising
  • $1,000 to attend professional development and networking events
  • $1,000 for incidentals – and by incidentals, you know I mean a knock-out dress 🙂 that makes me feel super-confident in client meetings — greeting cards & thank you gifts, etc.

But now that I think about it, I could have also hired an intern…or purchased an incredible video camera…or even rented meeting space for a seminar series I’ve been dreaming about.  So many choices!  What would you spend your play money on?

If you enter and do win, I’m counting on you to use some of your $20,000 to take me to lunch for telling you about the contest!

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About Mary Fletcher Jones

Mary Fletcher Jones is a public relations and marketing consultant, and owns Fletcher Prince (www.FletcherPrince.com). Follow Mary on Twitter @FletcherPrince.

Posted on August 4, 2010, in Marketing Budget Tips, small business marketing tips and tagged , , , , . Bookmark the permalink. Leave a comment.

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