How to Allocate Video Production Funds Based on Last Year’s Budget
When you’re looking at film production, business plans often downplay its importance, especially if budget cuts are needed. At the end of the day, however, video is a powerful and engaging way to reach your target audience to deliver a compelling message and build brand awareness.
The easiest way to plan and optimize expenditures for the coming year is by using a backwards approach. What this means is that you’ll want to review last year’s budget, and then analyze what was – and was not – successful.
Upon initial glance, this may seem like a daunting task. Thankfully, there are a few ways you can learn from your past budget to allocate funds for this year’s film production company business plan.
Assess the Success of Current Budget
Start with the basics, and by that we mean take an honest look at where you are from a budget standpoint right now. This step is important because it will help you identify strong points and weak spots in your current video budgeting strategy. For instance, how close are you to meeting your company’s financial goals? Did you allocate enough of your budget to video to help you meet those goals, or did a too small video production budget result in falling short and seeing budget numbers with a tint of red?
Use these insights to start planning for next year but also consider strategy. If you’re in the red, a reactionary response is to cut back on your video budget, however, allocating resources to allow for more, and higher quality, production might be a better approach. Take a big picture approach to your budget planning and when determining where to allocate spending and cutbacks.
Assessing Your Company’s Needs
Whether you’re looking at a bigger budget or painful cuts, you’ll need to strategize how to most effectively allocate every dollar – the goal being for your film production business plan to deliver a measurable impact over time.
When considering your new budget, take into consideration key factors that play into your company’s overall success, as well as your ability to effectively reach your audience through video production efforts. Here are a few suggestions.
- Technology. Outdated technology can negatively impact your business on multiple levels. For starters, outdated tech can interfere with customer relations, including outreach and new customer acquisition. Outdated technology also makes everyone’s job harder and can affect the overall efficiency of your team.
- Hiring Top Talent. Regardless of the type of business you’re in, your employees are your best asset, and the real stars of the show. Do what you can to make sure your budget accommodates being able to bring on and retain talent that will help your business grow and move forward. This also includes budgeting for outsourced services, including professional video production.
- Branding. Getting your story out into the world in an effective, engaging way may be the best investment you’ll ever make. And video flat-out converts. By working with a world-class film production company to keep your message relevant, zippy, well-heard and highly broadcasted, you’re maximizing your marketing returns exponentially. Plus, you’ll improve the face of your company.
Optimize Your Video Strategy with Remedy Films
Take a hard look at what netted you the most benefit from last year’s budget, and really analyze how it made this year better. From there, make a decision that will make next year’s numbers sing by reaching out to the Remedy Films team and developing a strategic video strategy. The investment will pay off in dividends in the long-run.