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Having a robust budget and resource plan brings a number of benefits.
If you put a robust plan with great benchmarks in place, you need to make sure that you don't overstep the mark. And in today's constrained context, it's becoming even more important that organizations have this robust plan in place to be able to control their costs.
You can also get expert personnel into the fold. You must have the right experts around the table to help to understand:
You're able to consult these people on a regular basis. It's an iterative approach. How does your budget and your resourcing evolve over an annual cycle? Perhaps it's reviewed every month or every quarter. And these experts help to determine exactly the level of budgeting up and down, resourcing up and down, that you need to go to, based on past experience and past data.
You also can tailor some of the payment methods that you have so you can create the terms that work for your business. A classic issue that causes a lot of businesses to fail is that they get into cash flow troubles. By managing your payment cycle and also having products and services to bolster any cash flow issues, you can mitigate against that.
If you overwork people, you're not going to get the best out of them and, indeed, there's a good chance they'll leave. If you underwork people, all you're doing is wasting resource and budget. Getting the optimal mix and balance between the two is really important. If you conduct a robust planning process across these two dimensions, you can make effective use of your time and your team's time, leading to higher levels of productivity across the organization.
When thinking about budgeting and resourcing, you need to consider the entire organization, and engage wider stakeholders. This will enable you to create synergies across the entire organization.
Here's how to execute a stakeholder engagement strategy:
Ultimately, however, how you engage with your stakeholder depends on your own context. Take some of these key points around stakeholder engagement and apply them to your organization. Always easier said than done, but do have a goal.
Now when thinking about some of the organizational considerations around budgeting and resourcing, it's always a complex issue. Often, organizations themselves are very restrained and constrained in the environment in which they operate. One bad operating period can mean that budgets and resources need to be slashed quite considerably and, as a consequence, some of the key strategic focus and plans that the organization had need to be either put on hold or executed with less people and less money. So we need to think about how the wider organization, and the plans that they have in the pre-operating context. These can then determine some of the ongoing plans, the budgets, resources and how the strategy plays out over the longer term.
Careful budgeting and resourcing brings a number of benefits:
Ritchie Mehta has had an eight-year corporate career with a number of leading organizations such as HSBC, RBS, and Direct Line Group. He then went on setting up a number of businesses.
Data protection regulations affect almost all aspects of digital marketing. Therefore, DMI has produced a short course on GDPR for all of our students. If you wish to learn more about GDPR, you can do so here:
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ABOUT THIS DIGITAL MARKETING MODULE
This module introduces the key concepts underlying the Digital Marketing Institute’s 3i Framework for selecting and implementing the best digital strategy for your organization. It provides an overview of the key components in an effective digital strategy, which are expanded upon in much greater detail in subsequent modules. It also covers different types of business strategies, the difference between a business value proposition and a digital value proposition, and the importance of robust strategic management to maintain a long-term strategy.