#9 - How to make your creative budget stretch

Cost of living crisis, job cuts, and budget cuts - 2024 hasn't got off to the best start for a lot of businesses. As a freelancer, you get the opportunity to work within multiple organisations at a time, which is a huge blessing because (I believe) you get a balanced view of the marketplace.

In Covid, when everybody was running around like headless chickens worrying that their business was going down the pan, it was probably the time when the majority of businesses were actually thriving. I'd go as far as saying Covid was a steadier time than the back end of 2023/2024.

I digress - let's get into a bit of an uncomfortable topic: budget cuts.

So many of my clients are dealing/have dealt with this, especially in the recruitment sector - where marketing support is scarce as it is. It can feel like a huge, metaphorical, punch in the face when you have even less to work with.

However, I don't think this should be seen as a negative. Instead, it's about utilising your external suppliers more efficiently and making your creative budget last for when the market does bounce back.

For some of you reading this, it might sound like I'm teaching you how to suck eggs, and if that's you - then this newsletter edition will not be of any help.

But, for the people who don't know how to make their budget last and are worrying that all the hard work they've put in is going to go to waste, please don't worry. There is always a solution!

Step 1: How are you paying your freelancers and external providers?

This could be the platforms you're using or the creative support you're currently using. Before throwing the towel in and assuming that there's no flex, talk to your account managers for the platforms you're using and see if there are cheaper options instead of cancelling your subscription altogether. If you're a loyal customer, what can they offer you to help you through this period?

With freelancers, assess whether you're paying them on a project, hourly, or daily rate and really understand what that looks like. If you have worked with them for longer than 3 months, then they should have an understanding of how long things take them on average. Find out what takes them the most amount of time to do. Getting an understanding of this will enable you to see where you're potentially wasting money. For example, if the majority of your freelancer's time is taken up on calls with you as a client, how can you be more efficient to ensure that your freelancer's are being used for essential pieces of work only, not chit chat?

Step 2: Get business critical projects highlighted and receive new pricing for this

Outline what you need for the quarter and get this priced up by your external suppliers. If it's truly business-critical, you'll be given the budget. If it's not, you can either argue your case (if it's critical for you) but ensure that you have all of the details laid out to build a solid proposal.

Step 3: Be smart with your content

Depending on what you've had cut from the business critical section, you now need to be smart with the content you're producing. Whether it's re-using social media graphics because the graphic design budget has been cut, or repurposing blogs if you don't have copywriting support. It's time to tap into that evergreen content you've (hopefully) been building and utilising it to the best of your abilities.

Step 4: Keep notes (and data)

If you want to get more budget, you need to prove that your creative team are producing tangible results. Ensure that you bring these to the table any time you need an increase in budget - especially during periods of business financial stress!

It's a difficult period that we're all in, and unfortunately, creative teams are seen as luxuries for many organisations. It's difficult for our impact on sales to be quantified, which is why we are often cut fairly early on in the process of a business "getting lean".

However, having a solid understanding of your team, their numbers, and what you bring to the table will safeguard you for the future and hopefully make that budget negotiation process easier next quarter!