Decreased resources, increased expectations: how we can help with a budget MOT?
We’ve recently noticed that businesses need to drastically reshape their budgets yet lack the time and resources to do so. As such, we’re currently offering a small number of exclusive, free sessions where we work with you to understand your individual circumstances, constraints and desired outputs. We’ll then provide you with personalised analysis showing how you can restructure your current budget to more effectively achieve your objectives.
This article delves into industry research and our own feedback from clients and associates. We know just how important it is to continually adapt your budget to both economic trends and each business’ own unique circumstances.
Value in the workplace
We recently wrote about Mercer’s Workforce 2.0 report which noted that 42% of employees were working on tasks that don’t add value. This is an alarming statistic for those seeking to maximise productivity and strongly position themselves in a competitive marketplace. Gartner’s recent Quarterly Marketing update revealed similar findings which we’ll explore later in this article.
You’re probably sick of hearing phrases like ‘tough economic times’ and ‘inevitable budget cuts’ by now. But the reality of the situation remains. We’re constantly in touch with people in a variety of marketing roles across the FS and technology industries and we’re very aware of their current challenges.
Decision-makers are expected to achieve exceptional results on drastically reduced budgets with all the stress and accountability that comes with it. This is an increasingly insurmountable challenge – especially when almost half of their employees are stuck on repetitive tasks that add little to no value.
The problem is that, over time, tasks and processes that may once have been deemed essential may no longer be half as useful in an industry that is constantly evolving. This is why it’s vital to perform regular assessments of how your budget could best be utilised thereby ensuring your investment is continually achieving maximum impact.
Current challenges for marketing professionals
In Gartner’s Q2 2024 CMO Journal, those responsible for strategic marketing were asked what the most pressing challenges were for 2024.
- 61% said short-term execution-oriented needs impeded long-term planning.
- 43% said there was a notable talent or skills gap.
- 40% mentioned an inability to measure impact on business outcomes.
- 39% noted employees felt confused about priorities.
- 36% said there were unrealistic expectations from senior execs relative to resourcing.
- 34% mentioned challenging internal politics.
With many marketing colleagues experiencing all six of these at once, it’s not surprising there’s a high level of pressure and a lack of time to plan long-term.
A lack of time – how we can help
We’re keen to help our marketing colleagues uncover ways to maximise their efficiency and squeeze more value out of reduced budgets. One of the greatest problems marketing teams experience is that there is no time to plan: day-to-day activities monopolise the time available and tasks tend to be reactionary and short-term rather than future thinking, designed to show results over a longer period.
In addition, there is often money available within a budget that people are under-utilising and could be redistributed to achieve greater value. Again, most marketing professional resources are well aware of these issues yet lack the capacity to change their established ways of working.
Free Budget Review
At FS Partnership, we believe businesses can achieve exceptional results from the smallest budgets. This is vital in a time when marketing budgets are more stretched than ever before yet expectations remain unrealistically high.
We’re currently offering a free budget MOT in order to assess your current plans, and circumstances, and make recommendations to increase the impact of your available resources, thereby helping you to achieve the results you need.
During this discussion, you will meet with one of our Directors and take time to discuss your short and long-term objectives, current budget and ongoing challenges. We’ll help you to review your current plans and refine them in order to make the most of your budget in an exclusive, no-obligation session.
If you’re interested and would like to arrange a chat with one of our Directors, please call/text Chris Hopwood on 07766 824209 or email him on chris@tech-agency.co.uk
What people who have worked with us on budget planning say…
“They have been invaluable. Their thoughtful guidance and knack for asking the right questions have enabled me to uncover insights and solutions in a truly unique way.”
CEO, Fintech
“Working with them has been brilliant. Their insightful questions helped me see things from fresh perspectives and allowed me to get to the answers myself.”
Marketing, Expedia