It seems that the association between finance and marketing covers a rocky path, especially when both the teams are working for the same goals and the same organization. Marketers hold the obligations of creative types, whereas the finance specialists are concerned about cash flow declarations. However, the mutual collaboration of these two pieces is indispensable for organization success.
Following the advice of Douglas Haddad, CEO of Advance Funds Network, and a business loan facilitating company – Finance people are just as crucial part of a company as the Marketing people. Both of them are essential pillars – as their incorporate unique skills set which on collaboration originate a high-performance team, leading to organization success.
The constant, varying marketing costs, usually going up. Yet, an approximate cost of $12 billion is forecasted to be paid out in 2015 on mobile search ads alone. By this, Calvin Aman never means small businesses don`t require this, even entrepreneurs, primarily give emphasize to the marketing budget for a proper campaign of their product or service. Hence, how the finance department and marketing team work together in order to spend money well?
Here are a few tips:
Generally, the perception is – marketing always demands more, whereas finance is always going to cut the cost. In order to explain exactly: why money is needed or why it needs to be deducted they both need to sit down.
A research shared by Calvin Aman: Lee Robertson, CEO of Investment Quorum, an award-winning wealth management firm in London, states that importance of keeping the communication lines open.
The importance of making effective communication in the form of regular, sit-down session can help each other to discuss.
The importance of making effective communication in the form of regular, sit-down session. Also, it enables marketing to explain the parties about the upcoming campaigns, the type of funds they’ll need. Whereas, finance can elucidate: how and why certain bottom-line number must be met? Don’t wait until the communication barrier broken down, in fact, start having these interdepartmental meetings long before.
Being unaware of the things, finance when comprehending a large expenditure – they start to prune that expenditure. However, if marketing will clear up things to them that particular line item expense helped in enhancing online business via. High traffic and positioning brand, they may give it a second thought.
A successful entrepreneur like Calvin Aman may have a lot of things on his mind, but he never forgets to let finance know about his expenditure.
The finance depart tends to form better relationships with departments who can show some financial responsibility. If a department can reduce, or entirely eliminate all of the non-essential spending, finance department appreciates the gesture.
It also means that they will give a little more leeway if the marketing team goes over budget, or needs a little more money. As well, it can give the marketing team a firmer budget to work with, and provide a clearer idea of what their budget is and how to stick to it.
Financial departments deal with numbers and facts. They to dislike ambiguous requests for money. The marketing department should make the effort to prepare their requests with more definite numbers. It is appreciated by the finance department and it can help make negotiating between the two departments much easier.
Whatever sort of the mistake occurs, it`s essential to highly-appreciated it. In case, the marketing department found the risk of overspending they must consult a finance department. They should tell the finance department in case of overspent their budget.
In essence, the departments of a successful company will strive to work together to the benefit of the company. This is true of the finance and marketing departments as they are arguably the two most important departments.
Without the finance department, there is no regulation of the company’s money, but without marketing, there may be no customers. Therefore, departments need to work together in such a way that the company as a whole benefit.