Managing a Marketing Budget

I always found it difficult to answer the question of, “are we on budget?”  The reason was, I really wasn’t sure what the budget was or how far below or above it we were.  When I was given the opportunity to become a manager I wanted to change that, as I felt like I couldn’t be the only one that felt like I couldn’t really manage my work without fully understanding the implications of it on the overall marketing budget.

So, I took the numbers, and broke them in to the categories of the types of tasks and initiatives we needed to complete during the year and posted the Excel spreadsheet to our internal portal.  I’ve asked those that are responsible for certain portions of the budget to update it regularly, i.e. on a monthly basis so we are always on top of our budgetary numbers and I can easily look in one place and tell my manager what can be cut, moved around and accomplished within the constraints of our budget.

This has allowed my direct report to feel like she really owns her portion of the marketing pie.

What are you doing to manage you marketing budget and make it easier to keep up to date?

Advertisements

One thought on “Managing a Marketing Budget

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s