The Bootstrapped Marketing Almanack, Part 4: Planning and Budgeting Edition

Entries #076 through #100 of the Bootstrapped Marketing Almanack. This section focuses primarily on year planning, setting a marketing budget, and how to manage your marketing budget.

What follows below is a running list of tips, tricks, and thoughts from my time (so far) building ANCORE’s business, brand and marketing from the ground up. This is the fourth installment and covers the budgeting and planning process. Each new installment will be published periodically. You can read Part 1 here, Part 2 here, and Part 3 here.

Bootstrapped Marketing Almanack #076

When planning for the new year, quarter, month, etc, start with a calendar and spreadsheet. It’s easy to want to use some fancy planning software, but you must resist. The best plans are simple, so start simple. 

Bootstrapped Marketing Almanack #077

When budgeting, start by listing everything you’re paying for and how much you’re paying for it. No need to group stuff or get fancy with it. The planning process can feel daunting, and this will give you momentum to begin. 

Bootstrapped Marketing Almanack #078

When planning campaigns, start by filling in the key dates on the calendar. When does the campaign start? When does the campaign end? Is there a holiday to plan for or plan around? The easiest way to start is to start. Don’t get bogged down in making it pretty. You can go back and make edits later. 

Bootstrapped Marketing Almanack #079

If you don’t have a good number or need to add in a projected total, always overestimate. Rarely does a budget survive contact with the real world and end up perfect. You’ll thank yourself for wiggle room. Plus, if you manage to get close to your actual projected budget, you’ll have a little extra cash to deploy. 

Bootstrapped Marketing Almanack #080

The best planning system is one that is simple and works for you. People will brag about their fancy templates or automations, but don’t listen to them. It’s performative work. Keep it simple and do what is best for you. 

Bootstrapped Marketing Almanack #081

Embrace reality with your current spending. It will suck to realize you’re overspending on something or leaving value on the table. Acknowledge those emotions and then channel them toward cost cutting. The money has already been wasted and all you can do now is to ensure more isn’t wasted going forward. 

Bootstrapped Marketing Almanack #082

For any subscriptions that charge you based on usage (Klaviyo, Gorgias, etc), check and see if you’re still reaching those usage levels. Don’t depend on the company to fix your bill. They are banking on you, not doing anything about it. It’s on you to fix and monitor it.

Bootstrapped Marketing Almanack #083

Spend and budget every dollar like it’s your own. If you personally wouldn’t pay for it, then odds are it’s a waste.

Bootstrapped Marketing Almanack #084

When it comes to content, be an over-planner. You’ll have more ideas for later or when you’re in a pinch.

Bootstrapped Marketing Almanack #085

Over-communicate about your plan. So much of our plans fail to make it to the page. By sharing your assumptions, thoughts, contingencies, and process, you keep everyone on the same page and will frequently find areas of improvement. 

Bootstrapped Marketing Almanack #086

Expect success, but plan for something to go wrong. Best case, you’ll cut off a problem before it can really get bad. Worst case, your neurons got a little extra exercise. 

Bootstrapped Marketing Almanack #087

Don’t plan everything in one day. Taking time to sleep on your plans, kick them around in your head, and not think about them will strengthen your plans. A good plan, like an excellent wine, needs to breathe. 

Bootstrapped Marketing Almanack #088

When you cut something from your budget, resist a need to add something new. Challenge yourself to work with what you have before adding new line items. I promise you will amaze yourself.

Bootstrapped Marketing Almanack #089

Minimize your overhead. More overhead means less flexibility. 

Bootstrapped Marketing Almanack #090

Maximize your working dollars. These are dollars that aren’t overhead and are actively being used to bring in more revenue. This can include, but are not limited to, advertising spend, free product for influencers, and sponsorship/partnership money. The more money you can put into this category, the better off you will be.

Bootstrapped Marketing Almanack #091

Once your plan has been implemented, take time to reflect on what went right and what went wrong. This will make you better for the next time around. 

Bootstrapped Marketing Almanack #092

The best way to learn from your plans is to turn those learnings into checklists, SOPs, templates, and documentation you can use in the future. This allows you to compound your learnings, get better, and make your life easier. Your plans are useless if you never get better from them. 

Bootstrapped Marketing Almanack #093

It’s okay to call an audible and change your plans on the fly if things aren’t going right. Changing your mind based on new information is a strength, not a weakness. Reformulate, find a new path forward, and learn from it. 

Bootstrapped Marketing Almanack #094

Expect your plans to change and require adjustment. You will uncover new ideas and be presented with new opportunities. Don’t say no just because you didn’t plan for something.

Bootstrapped Marketing Almanack #095

Focus is a force multiplier when planning. Don’t try to do too much. Figure out the single most important thing you need to do and then plan around that. 

Bootstrapped Marketing Almanack #096

Check in on your budget once per week, create a P&L at the end of every month, and reflect on your progress every quarter. This will allow you to make course corrections and minimize any surprises. Plus, it keeps you accountable to your work. 

Bootstrapped Marketing Almanack #097

If I could boil the budgeting process down to a simple phrase, it would be this quote from Andrew Carneige, “Gentlemen, watch your costs.”

That is the whole game here. Watch your costs like a hawk and cut ruthlessly wherever you can. There is a lot of waste and spending inertia out there. Avoid it like the plague. You can do more with less and find incredible success. 

Bootstrapped Marketing Almanack #098

The quickest way to put your plans into action is to create a list of tasks you need to do every day, every week, every two weeks, every month, and every quarter. It doesn’t need to be exhaustive, but this will give you a roadmap toward making progress on your plans and turning them into something concrete. 

Bootstrapped Marketing Almanack #099

Hewlett Packard co-founder Dave Packard once said, “More companies die of indigestion than starvation.” If your plans and budget feel heavier than a Thanksgiving meal, dial it back or face certain doom. A little hunger is okay and incredibly motivating. Hungry dogs run faster. 

Bootstrapped Marketing Almanack #100

Throughout the planning and budgeting process, you must constantly ask yourself one question: 

“Is this smarter, better, and more focused than last year’s plan?” 

This is how you’ll know if you’re improving upon your work. Your work does not need to be orders of magnitude better. It just needs to be a little better each time.