working of planning_and_control

Jun 28th, 2015
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It’s normal for small business owners to be befuddled about how much they should budget for advertising and promoting their businesses. This is especially critical for a start-up business. It is an investment that should be well planned- but acknowledging that there is a certain element of trial and risk involved.

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Planning and Controlling YourMarketing & Advertising Budgetfor your small businessSCC Business, Budgeting,Copyright 4-03,EMPThe Challenges of investing inPromoting Your Business Its normal for small businessowners to be befuddled about howmuch they should budget foradvertising and promoting theirbusinesses. This is especially critical for a startup business. It is an investment that should bewell planned- but acknowledgingthat there is a certain element oftrial and risk involved.SCC Business, Budgeting,Copyright 4-03.The Typical Five Methods:for determining your advertising budget1.You have No idea how much youspend.2.What is affordable.3.Matching competitors.4.Percentage of Sales.5.Objective & Task.Owners may use one or severaltechniques depending on the industryand the target market.SCC Business, Budgeting,Copyright 4-03.Method 1: Ignore Your AdvertisingCosts Many business owners dont evenbother to keep track of where theyare promoting their business. If you dont keep track, how do youknow it is working??? Many business owners blindly throwmoney at promotional advertising anddont realize the money they arespending. Ignorance is not a good managementtool.SCC Business, Budgeting,Copyright 4-03.Method #2: What is the AffordableMethod Owner may see advertising as aluxury. Advertising is viewed as an expensenot as an investment that producessales.

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