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What it is: An effective, comprehensive annual advertising plan for an organization that has never yet developed one. An annual budget plan with key elements focused on digital media marketing. A well-prioritized marketing plan of channel strategies and monthly budget guidelines for each channel.
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Here are tips on how to use these budget plans as well as the other digital elements that support each strategy.
The Operating Philosophy
The first step in the process of developing a marketing plan using the monthly budget guidelines and other digital components is the establishment of an operating philosophy. The philosophy should be clearly defined and should include goals that are specified. They are measurable as well as procedural measures that show progress towards those goals. The philosophy should be communicated to all members of the marketing team and the various levels of management assigned to the company. You can also write it down and regularly review it as conditions change and as circumstances occur. In this way, the company will have a sense of purpose and alignment.
One of the first steps in developing an operating philosophy is creating a document that describes the overall objectives of the company and why it exists in the first place. This document could include customer orientation, providing a service or product that is needed by seniors and future retirees, increasing sales and staffing, reducing costs, maintaining a competitive advantage, providing employees with an opportunity to grow and develop, and creating a positive work environment. Therefore, the document should be carefully written and carefully maintained as the operating philosophy is prone to constant change.
The Process of Budgeting
Once you establish an operating philosophy, you can make a budget and send it to all employees for review. The budget sheets that result from this review can be used to formulate and adjust the company’s budget. These budget sheets should include the budgeted amount for each activity, a statement listing the expenses for each item, and a statement detailing the goals of the company for each quarter. Employees must support these budget sheets with their financial statements. Which should be made according to the instructions in the company handbook. However, financial statements will require reconciliation at the end of the fiscal year. The company may choose to send its financial statements to external accounting services for this purpose.
Because the company is small and because marketing is a competitive business, staff members are often responsible for other activities. Some employees serve as Marketing Assistants or Marketers. These staff members get the responsibility for managing and monitoring marketing strategies. If the company sells products or provides services, a marketing manager is assigned to manage these activities. A marketer, on the other hand, might be responsible for creating advertisements for the company or designing brochures, catalogs, or other printed materials for the company.
As the company grows, so does the number of employees required to maintain a complete budget. These budget sheets are provided to individual staff members or the departmental heads. This means that budgeting becomes more difficult and sometimes impossible for some employees. In addition, as payroll and departmental budgets increase, it becomes necessary to hire additional personnel to handle these responsibilities.
Importance of Setting Up the Budgets
Although budgets are a vital part of any organization, many aspects of the budget are often overlooked. Often the budget sheets will include an itemized list of the costs for each category of the daily product usage. If there are duplicate items, then the cost per item will also be listed. Although the budget sheets will provide management tools, they cannot provide an accurate depiction of all of the costs in the company.
For accurate budget documentation, it is recommended that management consultants contract with an accountant or financial analyst who meets all of the company’s budget documentation needs. In most cases, the consultant will prepare the budget sheets and perform all the documentation that is requested. Alternatively, the company can contact a reputable tax consultant to assist them in preparing their financial documents. Therefore, the combination of input from the staff, the accountant or financial consultant, and the assistance of a trained consultant who meets all of the company’s budget documentation requirements will result in a successful budgeting process.