During my tenure at IMA, Iâve spoken on accounting regulatory issues, providing testimony to U.S. Congress on internal controls and risk management as it relates to Sarbanes-Oxley implementation, appearing before the SEC and PCAOB on critical regulatory matters impacting U.S. global competitiveness, and I served as a member of the COSO (Committee of Sponsoring Organizations) board of directors, which delivers global guidance on internal controls and enterprise risk management.
1.) Credit unions spend more on marketing than you think. Credit unions were once seen as a quaint, sleepy little corner of the financial industry. Not anymore. The top 10 credit unions invest $155 million annually on marketing, and the top 100 credit unions spend a combined $400 million on advertising and related educational expenses.
And, youâre paying* your franchisor to help market your business. *Most franchisees pay into a marketing fund. The amount paid is usually a percentage (2-3% usually) of revenue. If your franchise business is generating $400,000 in annual revenue, your franchisor would receive $8,000 - $12,000 a year for marketing. One of the attractions of franchise ownership is the fact that you donât have to figure out the marketing aspect of the business. Thatâs what the marketing department is for. Ask franchisees how good the marketing is. Then ask them what kind of support specifically they get from the marketing team at headquarters.