A new financial year....

As a new financial year commences, how many of us have worked out our budgets for the year?

Have we set up a marketing budget? A budget for staff? A budget for general outgoings?

It is something which is sometimes left or missed and it is a must for all businesses (small and large).

Look back over the previous financial year, how much did you spend in each area of marketing? What worked for you?

I guarantee that one element of marketing would have produced more business than another. Remove marketing this year if it is not, or has not been working. Why pay for something which is not assisting your business.

How much for general outgoings? We all need the standard items such as stationery and consumables, but is the outlay too large? Do you really need that extra printer, or does it just look good sitting in your office?

Now, what about your budget for staff? Sometimes you feel you need someone full time and permanent, but perhaps you need to look at this and work out your budget. Does that person have enough work to substantiate a permanent full time role? Can you provide extra work to that person, if they do not currently have enough to fulfill a full time position? Take a look at each position and evaluate it on an individual basis. Sometimes it is better to make a position part-time or outsource the work on a contract basis, it makes a lot more sense to a business to ensure that their profit margins go up, whilst still having the backup they need.

Think about your budgets - put them in place every year.

Assisting U Virtually