Print Friendly

Hard Facts or Cloudy Predictions; Are You Prepared for Budget Discussions?

Posted By: Trish Cunningham on August 18, 2017

Brookwoods Group has been in conversations across Houston with major corporations concerning budget preparation for 2018. The time is now to ensure your voice is heard in a crowd of "I need…" or "We have to…", so be prepared with factual data to back up your budgetary requests.

The article from Forbes by David Worrell points out several myths that we hear all too often. https://www.forbes.com/sites/allbusiness/2017/08/17/marketing-budgets-getting-your-cfo-to-pay-for-your-creativity/#7ed1a5576fb3

Stop taking the easy way out and provide your ONLY NUMBERS MATTER CFO with hard facts of what you need, why you need it, and what the projected outcomes may be post-spend. Call your hits, call your spends. If you spend X, you should have sound information of what Y will be once X is spent. Marketing and communication pros joke about being the wordsmiths and not the numbers people, but if you want to grow your career, you MUST know how the financial aspects of the business come into play and then play out from your plans. Tie it altogether. It has to mean something to the bottom line or your CFO may not be inclined to even listen.

Remember, budgets tend to fluctuate based on market conditions and we've seen a few huge corporations cut budgets for famous events here in Houston, and it's been heartbreaking. At the same time, we must adjust to this formulaic methodology to ensure our perseverance in industry and in the communities we serve. Giving back is always part of the budget, but determining where and to which organizations to give to can be tricky. I've worked with several non-profits and I can tell you first-hand that corporations are taking a hard look at all spend, even checks that go out under $250.00. Times are moving forward at warp speed and time is money, so be sure your budgets make sense and have your case ready to present before you set foot in the door or you may wind up with less than you actually need.

Call us to gain insights as to how and where you can find more information on this important topic! We're here to help!