How to Set up a Budget for a Company in the 21st Century

As much as basic economic principles have stayed the same for the last few hundred years, there’s a reason that many older or more established business owners are finding it difficult to thrive in today’s market. While their products or service may have stayed the same, the mentality of consumers and new companies is different than what they might have experienced in the past.

To match them stride in stride, modern business owners need to adjust their budgets to fit the needs of their customers and clients, giving them the quality and experience they are looking for and willing to remunerate them for.


If you want to hit the ground running, one very important feature your company has to have is a professional and attractive aesthetic, and coherent branding. It gives the perception of quality, personality, and simply makes it more interesting. Developing the back story and incorporating it into the branding is perhaps more important for B2C companies than B2B, but nevertheless, while previous companies might have not given this aspect a second thought- this is a seriously important feature for this generation of spenders.


Though quality remains an important feature, like it has in the past, there isn’t as much of a push to own the “newest in the line” of industrial equipment. Some companies even boast that their bake oven, coffee roasters, or industrial mixer has a past. You can choose from a large range of industrial equipment for sale, as there is a big market for it, while saving money that you can use elsewhere to make your company more competitive.

Customer Service

These days, customer service can make or break a company. Quick, effective and personal customer service experiences can make a customer a repeat buyer or even an “evangelizer” of your service or product. Don’t cheap out on your customer service experience, making it a priority in your company and in your budget. There’s a lot you can do now with electronic support but knowing that you have people on your team to represent your business positively is priceless.



Marketing has changed dramatically over the last decade, the emphasis moving from print, radio, television, and shifting to the internet. While companies should try to keep their budgets as big as they can, advertising has become much “smarter” with targeted ads through social media and search engine features to connect you with your potential customers. There is also more control over your spending and there are many software options that will provide you with analytics, informing your strategy and decision making. If all this sounds like voodoo to you, it’s time to bring a specialist on board, even it’s a freelancer or consultant to start.


Though some companies do invest heavily into their office spaces as they want to foster a creative and inspiring work environment, many businesses have started to adopt the idea of “remote offices” or allow their team members to work from home for a portion of the time. This saves on the expense of an office and all that comes with it, including taxes, utilities, furniture, etc. During the start-up phase, this is easily something that you can save on, allocating the budget to the customer experience and education.

Business is business they say. However, if you want your business to succeed, you must adjust it to today’s market, starting from the budget! So, forget about outfitting your space with the highest-end furnishings you can find, get personal and get on social media, and invest in your branding. Those who do not follow suit will be left behind, and that’s not something a thriving business wants in its future.