As an entrepreneur or business owner growing your business can be a challenge. To grow a business, you need to get new customers consistently. That's why your focus should be on marketing. It is the most important function of every business.
To grow your business you must invest more in your marketing. Many entrepreneurs and new business underinvest in marketing. The more you invest in your marketing, the more return you will get on your investment. Your marketing budget should encompass advertising, hiring a marketing expert, automation tools, events and conferences and more.
When you develop a marketing budget be sure that it aligns with the goals you want to accomplish. If not, you won't see the results that you need. So, for example, if your goal is to promote a specific product and increase sales by 5%, then you will need to invest in the right marketing tactics to reach your target audience to achieve that goal.
Based on your industry, 10-15% of gross sales is recommended. In the start-up phase of a business, the marketing budget can be up to 30%.
Bottom line: If you invest in your marketing, you will see results.