Running a business can seem overwhelming when you have dozens of responsibilities to consider on a daily, weekly, and monthly basis. For most business owners, the idea of marketing is met with resistance, not only because they lack strategy, but because there’s a price tag attached to it. In my experience as a business consultant, sessions with business owners included them expressing their frustration with managing their marketing campaigns or even confusion at not knowing where to start. Not only that, but the mindset around branding and marketing was severely steeped in a place of scarcity. Meaning, they didn’t see marketing as an investment and asset, but a liability. They operated under the myth that only a few advertisements would be needed to maintain the visibility and profitability of their business for years to come.

I’m here to say it loud and clear. As long as you are in business, you will have to have a marketing plan and strategy. You will also have to make some form of INVESTMENT (money, time, people) in order to see the return that aligns with your overall objectives.

So if you don’t have a marketing budget at present or your current budget is severely lacking, then this article serves as a starting point towards the right direction.

IMPROVE YOUR RELATIONSHIP WITH MONEY

This may sound odd, but there’s a difference between wanting to make sound financial decisions in your business versus being a cheapskate. Entrepreneurship is a risk. It means betting on yourself even when the odds are stacked against you. Therefore, operating a business with a closed fist means that the harvest (aka profit) can’t get in. Assess how you really feel about money and why. Seek out help from a money coach. Read books. Get in tune with your language, habits, and overall perspective as it pertains to money. Trust, you’ll need it along the way.  

ASK THE HARD QUESTIONS

When I would ask new business owners how much they want to make in their business, I was astounded to find out that quite a few didn’t have an answer. If you don’t know how much you want to make, then how can you determine sales needed, leads, expenses, etc.?

Asking the hard questions can be intimidating because depending upon the business, those numbers come with a lot of zeros. In the midst of calculating figures, the reality of what you want to accomplish sets in. Is it scary? Yes. Is it worth it? You’ll have to answer that question.

The beautiful thing is, once you have a few projected numbers, you can use the amazing tools found online to make projection charts for your business plan. Everyone can’t be a financial wizard. But you can certainly use market research, accounting software, and other cool strategies to create a budget for your business.

LIST OPERATIONAL COSTS

One of my favorite one-page worksheets titled the Business Model Canvas has an area to list key resources and channels needed to run/market a business and costs associated with it. When it comes to marketing, some costs are clearer to define than others. For instance, you may want to spend $500 per quarter on marketing collateral like business cards, brochures, flyers, and logo gear. But a social media advertising budget may be a bit more complex. Attending key conferences in your industry a few times per year could set you back a bit. Factor it all in and don’t hold back. If it makes you feel more comfortable, create a min, mid, and max marketing budget. That way, you’ll at least know what you can work with and at what levels.

Make financial decisions that make sense. Do not attempt to launch some over-the-top marketing campaign worth thousands of dollars without a solid goal or inkling of your ROI.

OUTLINE YOUR SALES FUNNEL

The land of business ownership is competitive, with dozens of people vying for the attention of their idea client. For this reason, creating a sales funnel is a great way to guide prospective customers into ones who will be loyal ambassadors for your brand.

Here’s how a sales funnel can change the game for you. You’ll determine:

• How your clients found you
• What kind of info grabs their attention
• What language in your pitch aligned with their values
• What factors contribute to their final decision

From there, you can set your own marketing tactics in order to consistently bring in more leads and convert them into buyers.

BECOME BEST FRIENDS WITH YOUR CALENDAR

If you’ve been reading thus far, then understand that this step may be listed last, but it is truly valuable. Intention isn’t as simple as stating what you want to do. It is making a commitment and positioning yourself to see it through. If I put a meeting on my calendar, then I am trusting myself to honor that meeting at the appointed date and time. This is the essence of professionalism.

Your marketing plan will include all types of objectives, competitor info, promotional strategies, and data. But the plan isn’t complete without execution and implementation. That means getting laser focused on the WHEN. Will you launch Facebook ads every other month for a week? Will you attend 7 trading shows on the second Saturday of every month? Will you hire a part-time social media manager to handle your posts/engagement? Will you upgrade your website and get advanced SEO strategies once a month?

Take out your calendar and make some concrete plans. Figure in what costs are associated with these goals.

YOU CAN DO THIS!

Business owners should make it a practice of incorporating a marketing budget into their monthly expenses. Don’t flinch. Don’t whine. Don’t hesitate. Because it’s the one investment that will be so, so rewarding for your business in the long run.