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January 09, 2014

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Bill Ellis

Great post Doug. When in the corporate world we incorporated two approaches to budgeting.

The first was what we called a 'ground up' approach - essentially zero based budgeting. That included our "stretch" objectives.

Secondly we used a 'top down' budget - one which was generated by our financial group and was tied to very strict budget forecasting.

The result was similar to what you've identified as it allowed us to be financially responsible - yes, as marketers :) - but also identify opportunity to grow business and profits.

Gary Campbell

Doug, excellent viewpoint on budget setting. Most budget setting experiences do center around cost containment. Nice to see a focus on budgets as a tool to drive growth. Way to go!

Gary

Douglas Wagner

Thanks Bill. Ground up and top down are two common methods in larger organizations. In smaller businesses, many do not even really employ budgetting because they think it is for the big guys because of the perceived complexity. Balance of growth and responsibility.

Douglas Wagner

Thanks Gary! Once I changed my perspective on budgeting I saw it as an exciting business tool. So vital for small businesses to start doing this and not so constraining as they believe.

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