Not having a marketing budget is a common mistake among small business owners, with Clutch finding that 50% did not create an official, formally documented budget in 2020. This seems to suggest that there is an even split between those that see value in a budget and those who view it as an unnecessary structure.

Marketing budgets are important because they give you an overview of your business expenses, allowing you to optimize your spending by researching for lower-cost alternatives and ensuring that you aren’t paying for marketing tools with similar functionalities.

An easy way to get an overview of your marketing spending is by:

• Making a list of your expenses
• Grouping them into categories
• Researching each category for lower-cost alternatives