Budgeting - the art of the possible
Making it count
When it is that time of the year, everyone is busy preparing their budgets. Spreadsheets, formulas, tight deadlines, internal guidelines and complex approval matrices – it’s easy to lose the focus on what budgeting is all about.
So what is budgeting about? It’s not about spreadsheets: it’s about getting real about reaching your goals.
Budgeting is hard work. That is true. But you know there is no way around it: solid budgeting is essential for any project of any kind: your holiday plans, your new laptop, your next worldwide multi-million dollar marketing campaign.
And in a corporate environment you’ll have no money to spend if you don’t ask for it.
Steps to success
In every situation, budgeting requires each one of us to ask three key questions – and to respond with hard facts:
• First of all, budgeting will force you to define your goals. You will never achieve success if you don’t have goals. Are these goals realistic? Do they fit the overall company strategy and help it reach its goals? This is essential to push your budget through. But if your organisation’s goal is to raise sales by 20%, it will not be enough to claim 20% more marketing budget.
• Next, which steps will it take to reach your goals and how much will it cost: in other words, how are you going to spend the money? What are you going to do to help get that 20% more revenue in? You need to make sure you are allocating the money where spending really makes a difference – presence at a trade fair may be expensive but increase market awareness: you need to be ready to make your point.
• Finally, what’s the desired outcome of your action, the 'deliverable'? Reach those three or four key customers you have been trying to approach, more leads, improved image, better market awareness… How do they fit in your defined goals?
And as you go: you must make sure you are on track with actually spending the money that you have been allocated – wisely and with visible results and strong ROI. That way you will meet and possibly exceed your stakeholders’ expectations, who will recognise you as reliable expert, committed to their objectives and to their budget.
Smoothing the process
Every organisation is like a fragile and valuable watch with its own sophisticated mechanism: your task is to decide what you want to do, how you want to do it and to navigate through complex approval processes to get it nodded through – and, ultimately, to achieve the goal you defined in the first place. Budget is enablement, a tool that greases the cogs. But it is a challenge to define a budget, especially when it comes to navigating through tough times of budget cuts, aggressive business objectives or administering big bucks.
Gelst has a proven track record of writing and managing budgets up to six-figures for highly complex marketing campaigns across the world and other difficult projects within multinational organisations.
Gelst adopts a structured approach and follows a methodology based on broad expertise and long-lasting experience and will work with you on calculating and present a budget that works in today’s corporate world. In other words: we can help you ensure that your budget will be your trailblazer to success and recognition.
No empty words, no recommendations that will lead nowhere in the real world. Because you want value for your money here, too.
For more information on how we can work together, contact us at
INFO@GELST.COM or call us on +44 20 7096 0887