I can’t believe it’s almost September! With that, comes the start of the 4th and final quarter of 2016. Now is a good time to check in with the goals and budgets you set at the beginning of the year. What kind of progress have you made? What opportunities can you capitalize on?
Year to date, are you coming in over or under budget? The scenario you are in will determine how you can proceed with spending, working towards goals, and implementing new strategies.
- You are over budget. What areas of business or circumstances led to you being over budget at this point in the year? Carefully consider if those areas of overspending are necessary (and fruitful). If they are, you may need to cut back in other areas to ensure you stick to your overall budget.
- You are under budget. While not a bad thing, this could be an area for opportunity! Why haven’t you spent up to your budget? As a result of under-spending, have you missed out on opportunities to achieve business goals or to grow and develop key areas of your business? Spend wisely to try to increase your spending in these areas with careful consideration of getting your greatest ROI.
Want to learn more about creating your budget? Click here.
Likely, you started off 2016 with goals for your business and personal development. Let’s take a look back at those goals and see how much progress you’ve made…
- Consider goals you have accomplished. Congratulations! But don’t stop there! You worked hard to reach this goal, so make sure you have systems in place to maintain it and/or continue to develop it.
- Take a look at goals in progress. Consider how you can refocus your energy to accomplish this goal in the fourth quarter.
- Reconsider goals you haven’t made progress towards. Why haven’t you made any progress? Lack of resources, lack of motivation, etc. Is this still a goal you would like to accomplish in 2016? Consider what plan you can put into place to start or achieve this goal and stick to it!
Now that you’ve reconsidered your goals and budget, how does your new plan influence your marketing strategy?
- You are over budget. Are you over spending in your marketing efforts? This is an important distinction to consider. You may be over budget as a whole, but if you are on goal for marketing spending AND your efforts are achieving a good ROI for you, you’ll need to stick to your guns here. On the other hand, if you’re overspending in marketing, consider if the additional money spent has been worth it. If it is, you’ll need to adjust your spending elsewhere. If not, cut back and stick to your budget/marketing strategy.
- You are under budget. Wahoo! Take a look at your goals – what did you want to do with your marketing strategy at the beginning of the year that you haven’t yet? Now is the time to do it in order to finish out the year strong and/or to set yourself up for success in 2017.
For more information about how to develop a successful marketing strategy, click here.
Remember, it’s not over until it’s over! It’s easy to get caught up in all the extra stuff in the last few months of the year – back to school, holidays, and other obligations. With a second look at your goals and budget now, you can set yourself up for success to finish up strong in 2016. Need help? Give us a call at AVMS at 615-348-7768.