Video: A beach in Jamaica with David Hasselhoff – doing the limbo dance.
Reality: New year, new budget, uncertainty
Every business and organization needs to set a 2009 budget for marketing, advertising and PR based on the results they want to achieve.
Maybe you’re doing the limbo dance with your budget right now. Lowering your overhead and expenses to the point where your business can barely crawl. How low can you go?
It’s not about stopping spending, it’s about smart funding and lowering the bar on expenses.
You have two choices: cut expenses or make more money.
Applying the limbo dance budgeting method, lower your expenses one notch at a time and see if you can still fit comfortably under the bar. Keep going until you go as low as you can go.
Last week, I revised a press release for a financial planning class that’s designed to help you set a personal spending plan, get out of debt and be more aware of your relationship with not only money, but your life’s goals. It works. I know because I’m a graduate and I’ve applied the principles to not only our family’s finances, but my business’ finances as well.
We lowered the bar on overhead and frivolous expenses to make room for smarter funding. In two hours, I recovered over $900 in business expenses. How much extra money for marketing or PR can you find in two hours?
This week, the Chicago Tribune is running a Recession Survival Guide. Day one is how to chart your finances. You can track expenses with free web-based programs like mint.com and yodlee.com. [Warning: you may be shocked at how much you’re spending at the grocery store, especially if you have three teen like we do.]
What are you planning to cut – or invest – in your 2009 marketing and public relations budget?
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3 Responses to Marketing PR Budget Limbo Dance Method: How low can you go?
Great article.
It has been my experience that most small business people have not really refined their ability to create a budget much less find additional opportunities for investment.
I find that they can’t really read or understand their financial reports or use them to their advantage,,,,banking, tax returns etc.
Whatever teaching you can do in this area is greatly needed!
Good Work!
Thanks for your comment, Randy. For most businesses and organizations, I suggest outsourcing business accounting and financial planning.
Although I started out as an accounting major and I love math [seriously!], I found that my accountant is faster and much more accurate, especially in the area of tax preparation.
Having a financial person on your team may seem like a big investment, but it’s one that quickly pays for itself.
You can, however, start to reduce your expenses on your own. One tip my accountant gave me: only pay for what you use. Sounds simple, but if you’re not using a service why are you paying for it?
Recommended reading – just ordered this book today:
Power of Less, The: The Fine Art of Limiting Yourself to the Essential…in Business and in Life
http://www.amazon.com/exec/obidos/ASIN/1401309704/unclutterer-20/
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