Our company, like many (real estate and non-real estate), are trimming budgets for 2009. On the marketing side of the house, since 1998 we've been re-allocating dollars from print to online and will continue that effort further, but until the "bottom" is reached. Doing all possible to stay afloat is mandatory - hopefully change is coming too...
I caught the national evening news the other night and there was a story about how employees (who are lucky enough to still be employed in this economy) are doing 1.5 times as much as they did in prior years. Fewer people, fewer budget dollars = more work.
So, with that said, maximization and doing more with less is our theme in 2009. Here are some tips to make your budget go further...
• Continue to spend more in online mediums vs. print. If done properly, these dollars will go further and results are easier tracked. In these venues, you pay for what you get vs. the "if-come" associated with print advertising.
• Maximize your human resources. Manage your team tighter to ensure they are focused on tangible and real projects that produce results. A job is a good thing in today's environment and keeping people employed is positive thing for the economy as a whole.
• Don't cut just to cut. Typically an accounting team will suggest/recommend cutting dollars without really understanding the marketing or operations ramifications of said cuts. Make sure your business can live with your cuts.
• Re-evaluate everything. People are doing business differently today than they did just 90 days ago. Take time to fully comprehend your expenses and make sure they still makes sense (today vs. 90 days ago).
And, most importantly... Know that those who survive will thrive on the other side of the real estate depression we're experiencing. Hang in there!
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