Businesses need to invest more wisely

A lot of companies rely on business loans in order to expand, but are they using the money effectively?

Sensis, in conjunction with the Australian Interactive Media Industry Association, has conducted a study which shows many firms are throwing money away on social media projects.

More entrepreneurs are keen to increase their enterprise's presence on websites such as LinkedIn, Twitter and Facebook in order to connect with a greater number of potential clients.

However, doing this professionally can be very expensive and the results are not always worth the initial investment.

The report found that too many organisations fail to set up a solid social media strategy.

"A sizeable proportion of businesses investing in social media are unaware of the actual amount they've invested, and don't measure the return on their investment," it read.

With so many firms struggling financially, spending money so recklessly is unforgivable in the current climate and the study suggests that some corporations need to have a tighter grip on their budget.

Have a question about business banking? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801373836-ADNFCR