2021 Is A Year For Business Growth - Budget Accordingly
Updated: Feb 25, 2021
In our past blog posts, we outlined ways to pivot your business to combat the challenges we are all facing due to the global pandemic. Now that you’ve established the areas of opportunity for growth while conducting a SWOT analysis to determine what’s working and what’s not, it is time to develop a budget for 2021.
At TIENNE Consulting, we are a resource to help companies achieve their short and long term goals. Whether focusing on marketing, business strategy, revenue optimization or sales enablement, we are here to guide you through the planning and execution process of your company’s plan. Below are some suggestions on where to focus your financial and personnel resources to achieve your goals.
Typically, companies have several goals they would like to achieve in any given year. We suggest narrowing down goals to identify One, Big, Hairy, Audacious Goal (yes, we said it) with three additional subjacent goals. As obvious as it may sound, your big goal should be one that provides the biggest return on investment.
It’s no secret that most company's biggest goal is to generate revenue, but think about doing things differently this year and focus your efforts to maximize results. Some ideas for consideration include: development of new strategic partnerships, technology investment, process improvements, customer service scores, renegotiation of contracts and outbound marketing.
Once you’ve established the One, Big, Hairy, Audacious Goal, budget accordingly. As we mentioned, your biggest spend should be toward your biggest goal and ideally will yield the highest return on investment.
REVIEW SPEND FROM THIS YEAR
In addition to identifying new goals and strategies needed to achieve these goals, we recommend conducting a full expenditure audit of the current year to reduce above the line costs while increasing the bottom line. If your company has been around for many years, it wouldn’t be surprising to see yearly contract renewals that may not yield ROI or that may not be relevant in the new pandemic world of conducting business.
Evaluate all contracts and expenditures to determine the value they offer. Take a fresh eyes approach to identify the areas you would like to continue while putting a stop to the items that are not beneficial anymore. The money saved can then be allocated to new initiatives to achieve your new goals.
MARKETING, MARKETING & MORE MARKETING
You’ve now established your goals, you’ve reviewed ways to save on expenditures and you are ready to create a comprehensive budget to achieve your goals. Don’t fall in the trap of reducing spend on marketing. Too many times companies see marketing as an expense versus as in an investment. Smart marketing is always an investment and doesn’t need to be expensive.
Leverage digital marketing for targeted prospecting and re-marketing efforts while increasing engagement with customers. Email marketing builds brand awareness and loyalty and yields some of the highest returns (especially considering it costs nothing to deploy). If your website is a revenue generating, consumer facing platform, ensure the process for transactions is optimized for maximum return. Evaluate your entire digital footprint and invest smartly to increase engagement and yield a high return.
Other areas of marketing to consider: sales collateral development, CRM system investments, social media advertising, reputations management, public relations, print advertising, PPC campaigns, video marketing and various digital display campaigns.
WE ARE HERE TO HELP
At TIENNE Consulting, we make our clients’ goals (big and small) our priority. When you are in need of additional, outside perspective, give TIENNE Consulting a call and we will help deliver and execute a comprehensive plan to help your company go from merely surviving to THRIVING.