It’s the 1st of July and the hottest day of the year so far.
Many flocked to the seaside to soak in the rays. Instead, we flocked to Solihull to deliver our M+E+M=P seminar at The Village Hotel.
Could we really expect a huge crowd when we were competing with the rarity of Mediterranean weather in Britain? No. But the benefits of a small seminar is the comfort felt amongst the delegates to truly get stuck in, discussing current challenges with one another and interacting with the speakers.
An example of this was the debate between Trish Kinahan of Hazlewoods and one of the delegates about the ‘invisible’ and ‘visible’ costs when it comes to marketing budgets. "Visible" costs being expenses and "invisible" being the lost fee earning time when lawyers attend events and take clients for hospitality.
“We might not profit straight away from an all day golf session,” argued the delegate, “but I’ve created a bond there. I’ve turned that prospect into a friend, and that may be invisible, but it’s invaluable.”
“The taxman won’t deduct anything that’s counted as ‘fun’, so you need to be able to prove the return on investment. You don’t take a potential client out because you love them,” stated Trish, self-confessed lover of tax, “it's marketing. If that person is not going to pay the bills, then it isn’t worth the time.”
The outcome of this debate and actually the entire workshop was that though Marketing+Efficiency+Money=Profit, one size does not fit all. With each firm, a plan must be formed to decide what works specifically for you, be it client entertainment or referral fees.
Presentations available below.