How Should Small Businesses Budget? [Infographic]

Small businesses have a right to be frustrated when marketing their small business. They often don't have enough time, money, and expertise to come up with a cohesive marketing strategy. Large corporations dedicate entire departments and huge chunks of their budgets to their annual marketing plans, but many small business owners have to do it all on their own.

Just $5,000 Could Save a Lot of Businesses

Small businesses and startups are usually on a small budgets, yet $5,000 has the potential to save or significantly help a lot of businesses, which shows how fragile a lot of them really are. While it may seem obvious, studies show that most businesses could use some more marketing spend to grow their brand (52%). But even more important than that, 47% of business owners said that just $5,000 would significantly help or even save their business. Given $5,000 the number one thing business owners would spend the money on is more marketing and marketing materials.

Marketing Budget Strategies

There are four main budgeting strategies that are a good place for small businesses to start. Here's a sampling of them from simplest to most complex:

  • Dollar Approach – Simplest and based on what you can afford
  • Percent of Sales – Popular method, usually 9-12% of annual budget
  • Match Competitor – Difficult to get exact, you match your competitors’ spending
  • Marketing Plan Objective – Most complex, but most impressive if done right
Our company, Coastal Creative Reprographics, created this small business budgeting infographic that summarizes the whole small business budgeting atmosphere, take a look and let us know what might work for you. Here is the full infographic:

 

Small Business Marketing Budgets

 

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Wednesday, 14 November 2018
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