In: Improve Your Business

I got my marketing training at one of the largest concrete lifting dealer networks in the country. In the course of that training, we discussed annual budgeting and planning, which ideally, should start in October of each year.

Budgeting

Budgets should begin with a goal of the amount of revenue you want to bring in each month. Business owners will take their actual numbers from 2020 and create a spreadsheet that includes monthly revenue goals for, say, a 3-5 percent increase in revenue each month in 2021. Now, did the pandemic affect your business in 2020? You may want to compare your 2020 revenue to your 2019 revenue to arrive at realistic goals for 2021, allowing for any impact that Covid may have had on your business.

Use those goals set for each month and figure out how much foam you need to get there, how much in payroll, gas, and how many leads you need to get to your goal. Include any other expenses that increase as revenue increases.

This sort of planning in advance will give you a blueprint that will help guide you through 2021. Numbers don’t lie. You’ll know by the end of February whether you need to push harder to meet your goal numbers for the rest of the year. Your blueprint will help you be more proactive and less reactive in managing your business.

Marketing Plan

A marketing plan is essential for any business, to keep the spending in check. Every concrete lifting business has to find their own combination of marketing and advertising tactics that bring the returns that grow their business at the right speed.

We provide leads for a smaller concrete lifting business out on the east coast and it was too much for them to handle. I was averaging 5-8 leads a day. Like drinking from a fire hydrant for them. We had to scale back their ad spend and qualify the leads before turning them over. The right number of leads for the right scale of growth is key.

A typical concrete lifting business should budget 6 to 8 percent of its 2020 revenue in marketing and advertising. If it’s a start-up business, plan on spending 10 percent of anticipated revenue since you’ll need a website, etc.

The foundation for any marketing plan should begin with Google Ads and Facebook lead ads. Start with a small ad spend budget – say, $500 – and scale up as needed. Google Ads helps with Search Engine Optimization (SEO), another must-have. From there, you layer in other marketing initiatives. Home shows, referral networks, print advertising, etc. It’s also good to try 1-2 new marketing/advertising initiatives a year, track the return you get from those initiatives, and give them a go/no go. Before you know it, you’ll have the right combination of marketing & advertising channels in place to grow your business at the optimal speed for you.