In this episode of What’s Wrong With Revenue? we tackle a major issue facing most business leaders when it comes to revenue generation – budget setting, budget adherence and budget planning. It’s a big topic, and we’ll clearly lay out exactly how using a Revenue Generation System helps with everything related to your budget.
We go deep into why most companies don’t have a budget for marketing and don’t actively manage marketing expenses. You’ll learn how having a tried-and-true system gives leaders a much better tool kit for setting, managing and tracking all this.
We cover how a system like RGS™ helps you align your budget with goals and expectations. So many things go into it, and it’s often hard to know where to spend your money. We recommend a more thoughtful approach. Figure out what you want to accomplish, what it’s going to cost and whether you have the internal resources for it or if you will have to outsource.
We touch on how to use a system to prevent going over budget. If you manage your resources, strategies, tactics, campaigns and investment in technology carefully, you’ll likely stay within your budget. It’s critical to look at the data, identify areas that could be issues, and review and plan often to make sure you’re staying on track.
Company leaders often have much bigger eyes than their appetites. They tend to want to do a lot more than they can afford. We talk about how to focus your investment on the most important activities, priorities and metrics. Focus on what moves the needle and business forward. We’ve mentioned this in past shows, but you need to put the items that make the biggest impact for the least amount of effort on the list first.
Lastly, we cover how to use the system to continuously update and adjust your investment expectations and how a Revenue Cycle Model helps set expectations and alignment around the budget. You need to know exactly what you’re spending today and where you want to go.
Businesses need to take a flexible approach each month. Just because you budgeted a certain amount for one month doesn’t mean you have to spend that much. It’s OK to be flexible with your spend and adjust throughout the year.
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