Why you shouldn’t pay attention to your marketing budget

Budgets aren't inherently bad (at all!), but adhering too strictly to one can be
  • Ask yourself this question when evaluating an investment of your time and/or money: 'What ROI do I need, and in what time frame, in order for this to be a smart investment?'

  • A budget does not apply to revenue-producing investment opportunities; budgets are valuable for fixed expenses like staff, office, meals and entertainment, travel, website, events and so on.
  • The no. 1 skill in business is knowing how to spend your money to grow your business and keep you profitable.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

“What return do I need to get from this investment, and in what time frame, in order for this to be a smart investment for my business?” This is the question you need to ask yourself when you come across any product or service that requires an investment of your time and money. Notice that the question is not “Does this fit into my budget?” Because here is a philosophy that all smart businessowners know: Nothing is too expensive. It's all about investments. Every investment is either a smart investment or a dumb investment. When it comes to investments that directly provide monetary returns, the smart businessowner understands that nothing is too expensive. Even if there isn't cash in the bank or enough room on the credit card, if he knows in his heart, head and gut that an investment will help his business grow in the direction he wants to go -- then he should figure out how to get the money and make the investment! I’m not saying that budgets ...