What is a Good Marketing Budget for a Small Business?
Summary
Product, service, and price are three of the main ways to remain competitive and are good guides for how to develop your marketing plan. Since the majority of consumerism now includes an element of online activity in some way, shape, or form, spending money here makes sense in almost every scenario. If you are not someone who is knowledgeable how to optimize in this way it is best to contract this element of your marketing plan so that you are not wasting your valuable, and likely limited, time here that could be better used in other areas of developing your business. If you’re producing less than $5 million in sales per year and your net profit margin – after all expenditures – is in the 10% to 12% range, the US Small Business Administration (SBA) suggests spending 7 to 8% of your gross revenue on marketing and advertising. • Payroll : If you plan to add marketing to an existing employee’s work load you should anticipate the potential for a request for an increase in salary.
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