From the LISTS menu, select BUDGETS. Having your budget in Matrix will allow users to log in and see where they stand against their revenue goals, so it’s crucial to get that info into the system.
HOW DOES IT WORK?
Budgets are entered into templates based on a HIERARCHY of your choosing.
Multiple budget templates can be created for differing needs, but be aware that dollars are cumulative. If multiple budgets numbers are entered for the same Salesperson, Outlet, etc., they will be added together.
This can be helpful – create different templates for Local, National, Digital, Political, etc. if they will have different items in their hierarchy.
This can be hurtful – if duplicate budgets are created, well, that would be a really big stretch goal, so plan your budget strategy. Who’s going to enter & how will they be set up?
STEP 1: THE HIERARCHY
Perhaps the most challenging part of entering the budget is setting the hierarchy. What attributes are you budgeting on, and what order should they be in?
- OFFICE (MANDATORY): This is generally where the account bills out of (i.e. Local vs National offices).
- OUTLET (MANDATORY): These are the platforms that you’re selling to the customer. Can also be referred to as Publications/Assets/etc.
- SALESPERSON: Budgets for AEs should include SALESPERSON in the budget template hierarchy.
- REVENUE TYPE: Include this if you break your revenue goals (i.e. budgets) down by the attributes you’ve selected as REVENUE TYPES.
- ACCOUNT: Including ACCOUNT in your hierarchy allows the most granular bottom up budget. NOTE: When reassigning accounts, the budget amount associated with the account will be moved to the new seller.
One of the more common hierarchies we see include:
-Office > Outlet > Salesperson > Revenue Type.
If you’re unsure of what to include in your budget template, start with less: OFFICE, SALESPERSON, and OUTLET or simply OFFICE and OUTLET. Entering budget information with these selections is very fast, and it provides you an opportunity to learn how the templates work and how the information flows through the system.
Once you know what you want to include in the hierarchy, what order should the attributes be in? You will enter your numbers in the fields on the last attribute in the hierarchy, and dollar values will roll up from there.
This is simply method of entry - The hierarchy order does not impact how you can view the budgets in other areas of the system. Choose an order that will make entry easiest.
STEP 2: ENTERING YOUR NUMBERS
OPTION 1 – ENTERING YOUR BUDGET WITHIN MATRIX
Once your Template is ready to go, you’re then able to start adding in your numbers.
Budget Functions Defined:
- View Past Revenue: See your year over year revenue comparison of that particular attribute. This also allows you to add a % increase based on the previous year totals.
- Add Attributes: If you are missing any lines within your budget its likely because you don’t have any historical revenue associated with it.
- Copy Budget: Copy the same number over the months, or quarters, of your choosing.
- Delete: This will PERMANENTLY delete the line you are view and all of those below it in the hierarchy.
OPTION 2 – BUDGETING OFFLINE VIA EXCEL
Utilize this to input/edit the numbers offline for any existing budget template that you’ve created, so the changes aren’t pushed to the live system. You may also setup data/calculations outside the fields that Matrix pre-sets within the spreadsheet.
Click HERE for a written tutorial.
STEP 3: SHARING AND LOCKING YOUR BUDGET TEMPLATE
You don’t have to enter all those budget numbers yourself. Share the template to the Managers or AEs that you require input from (most often used when Budgeting by Account).
IMPORTANT: Make sure any one that has access to your template understands what they are responsible for, so no one undoes another’s work. NOTE: AEs can only receive ONE shared budget template, but managers can receive multiple.
LOCK YOUR BUDGET when it’s time for the numbers to be finalized. You will still be able to edit, but no other user will be able to access the template.
THE PRACTICE: BUDGETING IN MATRIX