The Good News:
- You’ve identified the problem. Solving it will help you make your 2013 number.
- You’ve determined the level of effort needed to solve the problem. That level is outside the expertise of what your team can manage. That’s okay – you know of outside sources can handle it.
- You may have already envisioned the perfect solution.
The Bad News:
- Where do you get the money?
Budget wars aren’t fun ones to fight. You’ve budgeted a certain amount of money, and are expected to make do within it. Plus, it’s only the first quarter and you already need money? No doubt other departments have made it work. Why not you?
If you’re struggling for ideas of where to find money, Download the Top 5 Spots to Find Funding. This will help your budget problems get you pointed in the right direction.
At the end of 2013, you’ll need to take ownership of the year. “I wasn’t given the funds I needed,” probably isn’t going to cut it. You need to make it work with what you have.
The Sales & Marketing Budget Tool (Click to Download) will help you make the most of your current budget. This tool, along with the Top 5 Spots to Find Funding, will help solve some of your major budget headaches. Fill out the fields and recap your results with an expert. Find ways to utilize your dollars much more effectively.
At this stage in the game, one thing has already been decided: You need to solve whatever problem is between you and your 2013 number. It’s critical to your organization’s success this year. What isn’t decided is how you will solve it without additional funding. If you aren’t going to be given more money, you must find more money.
Finding your budget can be accomplished in multiple ways:
- Build a business case on why you need the additional dollars. Take your time to clearly articulate the problem you’re solving. Provide ample evidence, as well as expected returns. Then ask for the additional funds. Mark Synek wrote a great blog on this last week. Utilize his advice to knock it out of the park.
- Request money from a peer’s budget – I wrote a blog on this topic 6 months ago. The idea is that the departments in your organization are all interrelated. They bring each other up, and similarly drag each other down
This is especially true in the case of Sales & Marketing. Below average Sales performance will reflect poorly on Marketing as well. Therefore, a larger Sales budget may in fact improve Marketing’s year. By helping you, they help themselves. They don’t even need to do the work – just provide the money. So why not pitch this idea to a peer? They might say no. But, hey – they just might not
- Re-Allocate dollars within your own budget – We often see clients struggle to identify this solution. They fall in love with their budget. Oftentimes they have plenty of money, but they’re not using it wisely. The investments are not yielding a direct return to the business. With their head down in the day-to-day, they don’t recognize it. Allocating money to the right areas is crucial to the effectiveness of your team. By rearranging where money is invested, you can make the most of the budget you’ve been given
This is where the Sales & Marketing Budget Tool can really come in handy. By leveraging this tool, you can utilize benchmarking to validate appropriate spend levels. What can this do for you?
a. Discover how your current budgeting matches up to world-class organizations
b. Highlight where you are overspending and/or wasting precious dollars
c. Properly budget your dollars based on number of leads and sales generated
This third option comes with the highest recommendation. Many times the budget you’ve been given is sufficient. It may not feel like it, but it’s true. There is a way to make it work. It’s just a matter of discovering the right allocations.
Fill out the Sales & Marketing Budget Template and let’s coordinate a time to review.