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?