Budget Management
Category
😹
FunTranscript
00:00Welcome to the Budget Management Salesforce training.
00:05This module is intended for managers and directors.
00:09In this module, we will cover budget management.
00:13We will talk about what's the budget definition.
00:17We'll review how to create budgets and also what updates can be done.
00:24Let's get started.
00:27Budgets are goals defined per seller, per month, per brand, and per product category.
00:33As a manager or director of the team, you're responsible to defining those budgets ahead of time and creating them in Salesforce.
00:42Budgets should be aligned with the company goals and they cannot be modified by sellers.
00:50You also have to know that budgets are private by seller,
00:54meaning that when you create a set of budgets for a specific account executive,
01:00that person is the only one that will be able to see them.
01:03They cannot see budgets between colleagues or from other markets.
01:12There's also a specific type of budget created by the system that is called orphan generated.
01:19Those budgets are automatically created by Salesforce when an account executive sell a product outside the goals that you define.
01:27So if, for example, you define for one of your seller for August for WRORFM brand and for radio that they will have a goal of a thousand dollars.
01:44And let's say, or let's assume that's the only budget defined for that seller.
01:49If they sell a digital product or an NTR product,
01:53Salesforce will be creating automatically a new budget for them.
01:58It's going to be flagged as an orphan generated.
02:01The amount is going to be shown as a zero.
02:05But the amounts that are rolled up into that budget are still considered into the high level reporting that you will see.
02:14Let's get into Salesforce so you see how those budgets are created.
02:20Here I am logged in as Dan Tiena, who is a manager on the digital team.
02:28If you go to your tab of budgets on top of the screen and then use one of the views in here to access the budgets,
02:39you will be able to access your team's budgets.
02:42When you click on my budgets, you will see any budgets defined for you in case you're also entering opportunities.
02:50So that's a specific budgets defined for you.
02:56If you're still entering opportunities and you didn't have a budget, it doesn't matter.
03:02The system will create those orphan generated budgets that we mentioned before.
03:08If you select the all budgets view, this will show you your team's budgets.
03:14So these will show every budget that you created for members on your team, only on your team.
03:22So here you will be able to see what's already defined.
03:27When you start using Salesforce, you will notice that those budgets have been already created for you.
03:33You will have to create additional ones in the future and we'll go also over the steps on how to create or how to update budgets.
03:42Let's go first here to understand what's the information that we're looking at this screen.
03:49So again, this is one of the views from Salesforce and it's a valuable tool for you to be able to see in one shot all the information.
04:00And if you want to edit it, you will be able to do it directly in here.
04:04So take advantage of these views, create your own ones as we showed you in the Salesforce introduction video to probably filter additionally and get to the budgets that you want to see.
04:19We have still created some default ones for you.
04:22So for example, here, if you just want to see the current and next month budgets, you can select that one.
04:29So your list will be filtered.
04:32It will be easier to see what's going on in the current and next month and be able to modify those budgets.
04:39Now, as we mentioned before, budgets are defined per market, per brand, per product family, for a specific date, which is going to be a month for a sales rep.
04:55There cannot be duplicates and the system will prevent you to create duplicates in case I want to create another one for Jenny Campbell with this exact same combination.
05:06The system is not going to allow me to do that.
05:08Now, if you notice in here, it will be very easy to identify which ones have been generated by the system automatically or those orphan generated budgets,
05:20because we will have the checkbox in here indicating so usually those budgets will have a zero amount, but you can modify them.
05:29So if this is something you probably missed and they are selling it to another brand that you didn't consider at the beginning, you can go ahead and update the budgeting here.
05:42But if not, you don't have to worry because these different budgets will be used in high level reports to show you how your team is pacing.
05:52So it doesn't matter if the value defined originally was zero.
05:57Now, let me talk a little bit more about that specific topic.
06:02So even if a budget is not an orphan generated, the amount can be zero too.
06:09So we know that there are two different ways in which markets define budgets.
06:15So option number one is what you're seeing here that it's a lot more detail and they define a specific budgets per station for product family.
06:24But we know that there are markets that they don't do it by the brands or stations, but only by product family.
06:32In those cases, you still have to define your budgets in this way and what you can do as an alternative.
06:40And this is totally a workaround.
06:43It's of course not best practice, but it can be done for sure is on a brand for that market.
06:51You can define the full amount of your budget and the rest of the brands will show a zero.
06:57These when you're looking at individual budgets will not make a lot of sense because let's say in here, I'll take just this example.
07:06If I put in all my budget for the month within WBE and FM, let's say it's going to be $10,000.
07:15So the rest of the stations will show zero for my rep.
07:19The other stations still and combinations with the products will still have details inside of it or opportunities attached to it.
07:28So let me open one.
07:29So you see, and I'll open an orphan one.
07:31So it's a little bit more clear.
07:33So again, your amount will be zero, but you will start seeing that there are roll ups information in there, meaning there are opportunities that are getting attached to this budget.
07:45And you can look at them when you click on the related one, you will see which opportunities are making up for those numbers.
07:51And your budget is still showing as zero.
07:55So you will have a lot of records in this case in which these roll up amounts will have values, but your net budget value will remain as zero.
08:07That is OK, because then when we're looking at the reporting, those budgets are still going to be considered against the total.
08:17So your report will look a little bit different when you look at the details of what overall numbers will make sense to you.
08:25So let me jump quickly into the reporting here so you get a better understanding of what's happening.
08:33So I'm looking at the dashboard again from Dan, Deanna, and these dashboards that are showing on your homepage are already grouping all your budgets.
08:44So when you look at these numbers in here, they are already summarizing all the values on your budget.
08:52So this is going to add up the values that you define on the budget.
08:56So if there are multiple zeros in there, it doesn't matter because we're getting just a total.
09:01Then we have a second bar that is showing us the total one plus the weighted pipeline amount, which is going to consider again all the budgets.
09:12It doesn't matter if they are person generated or the ones that you define with a zero value.
09:19It's going to summarize everything.
09:21And here also we have a third bar that is showing us the total one amount.
09:26So all those closed opportunities.
09:29Again, everything is summarized.
09:32So at the end, you will be able to see the totals at a high level.
09:36When you open this report, I'll click on it.
09:39So you know what information is shown.
09:42Depending on what view I decide to see, I may have a more or less detail.
09:50So in this case, I have it open showing full detail and it's still showing me everything by brand.
09:57There's also a dashboard that does these by product category or product family.
10:04You will have another video explaining what exactly you can see on those reports and how you update them.
10:11So for now, I will just limit my explanation on these reports, but see that if I decide to hide my detail, I will just get my total amounts again.
10:27And it won't matter if I have zero value or orphan generated, but because again, all the amounts are going to get summarized in here.
10:42And I will see how my reps are pacing.
10:45Now I'll go back to my dashboard.
10:48So you see a couple other components in here, just again, to make the point of it doesn't matter at the end of how you are defining them.
10:56Because here you will be able to get a summary of how your team is pacing against this month goal or the quarter.
11:07Again, everything is getting summarized, so it doesn't matter if one has a definition of zero value and the other one has a big amount considering for all the different stations,
11:19because these kind of reports or reviews will allow you to see the basics.
11:24Okay, so let's go back now to the budgets tab to see also what other things we can do.
11:34So let me go into more detail again of what's the information contained into the budget.
11:40So after you define a budget and I will open one of these that has an actual value.
11:45You will notice that that relevant information is going to show up on top.
11:51So we have that combination of the market, the brand, the product family, our seller, the amount that you defined and the date.
12:01This usually it's within a month.
12:04It doesn't matter if you write in the 15th of May or the 20th of May, it's always going to consider just a month.
12:12And then we have two different sections and probably you saw these into the opportunity management video.
12:20If not, I'm still going to go over it.
12:23So here we have additional information that it's rolling up or summing, adding up all the information from the opportunities that are related to this budget.
12:37So I have here four different amounts.
12:42One is the total pipeline amount.
12:44So if there are any opportunities linked to this budget that are still in an open stage, we'll add up in here.
12:52Also, we will apply the probability over each one of those opportunities to calculate a weighted amount.
13:00So based on the stage of each one of the opportunities, we will apply that percentage or that probability percentage that we looked at the opportunity management video and will be summarized in here.
13:13Then we have I'll skip for a second on this one.
13:18I'll go over the total one amount.
13:20So this is going to summarize all the closed opportunities and that are closed.
13:29It doesn't matter if it has been synchronized with Marketron or not.
13:33As soon as it shows up as a closed opportunity, that number is going to come up in here and it will start getting refined as you are getting that information back from Marketron.
13:46So those numbers can change.
13:47Then we have at the end this other number that it's going to add up the one amount plus the weighted amount that we have on the open pipeline but applied with the probability.
14:06If you want to see more detail of what's building up these numbers, you can always go to the related tab and you will see the detailed information.
14:15Let me open one of the budgets that actually has some details.
14:21So let's take a look at one of the orphans because I'm sure those will have amounts.
14:26So here, for example, we have already amounts showing up and if we want to know what's adding up to these numbers, we click on the related tab and we'll see in this case we only have one opportunity.
14:42We can click here to see which opportunity it is or to get more detail.
14:48As soon as you start getting more records, you'll have to click on view all to get a full list of them.
14:54And again, you will be able to access from here directly the records.
15:00So when you click on this one, it will take you to the revenue split that it's making up for that number.
15:07So we know that it's related to these opportunities of the 3M posted summer campaign.
15:12We know that this is for Jenny Campbell, that it represents five hundred and thirty nine dollars.
15:23And if we apply the probability of our opportunity, it's coming up to two hundred and sixty nine dollars.
15:32So this is the amount that it's getting rolled up in our budget.
15:39So I'll go back to the budget in a second.
15:42And here, that's the amount that we are seeing in here.
15:47As you start getting other opportunities linked, you'll see those numbers will be updated.
15:52And Salesforce is going to take care to update those numbers automatically as soon as they are getting updated by the sales rep.
16:01Or if they are getting deleted or if the opportunity stage changes.
16:08So the probability will change.
16:10Those numbers will keep changing over time.
16:13Good.
16:15So this is really how a budget is defined.
16:19Again, most of them will be already loaded into Salesforce and you will be able to access them directly.
16:27So you don't have to do an initial load of them.
16:30But after a few months, you probably will need to start creating the future ones.
16:38So I'll show you how to create those budgets.
16:42So first of all, here, if you want to create just a single budget in an easy way, I'm going to show you this manual version of how to how to create them.
16:54There will be a video available also on how to do a mass import of the budget.
17:01So if you notice here, I'll go very quickly over it.
17:04You have an import button that will take you to a wizard that will allow you to import multiple budgets in one shot.
17:15So there is already a template created for you.
17:19You will need to answer just a couple questions and you will be able to create those budgets in one shot for not having to enter one by one.
17:29We'll not go over that process right now just because it's something that it's going to be done in the future.
17:36So don't worry too much about it.
17:38There's going to be a specific video to do that.
17:41So again, since most of your budgets will be already loaded in Salesforce, probably what you will need to do is mostly create one of here and there.
17:53Or if you have if you get a new seller or if you assign that person a different goal or a different budget to sell a specific types of products into this specific brand.
18:04So to do that, you go to your budget stuff, you will see on top a button that says new click on that and you will see that you will need to enter very few fields of information.
18:20So again, very important the market.
18:24So in this case, I will just enter Philadelphia.
18:27You will enter the brand.
18:29So first time, probably it's not going to show you a full list, but as soon as you start entering some values, it will show you what's available in here.
18:37So in this case, I will pick WB and stream the product family.
18:42Let's say it's going to be digital.
18:47The sales rep, you type the name of any sales rep.
18:54In this case, I'm going to create it for Jennifer.
18:56So let's look for Jennifer.
18:58You enter the amount of your budget.
19:04So let's say it's going to be $5,000 and for which month.
19:08So let's say you already talked to Jennifer and you agree that this is going to be a new goal that you're giving her for September.
19:16So you pick first of September and you click save.
19:20So it's very easy to define budget.
19:23If for any reason you try entering a combination that it already exists, it's going to show you an error.
19:30You won't be able to create the same combination for a sales rep, um, many times.
19:38Okay.
19:39Now let's talk now about the, uh, updates on the budgets.
19:47I created a quick, uh, guide for you here of what you can actually do and what you shouldn't be doing when updating a budget.
19:58So budget updates, uh, what you can do with no worries at all, update the amount that will update all your reporting.
20:07Um, just to be aware of that, uh, it's not the system or Salesforce will not be taking snapshots of your data.
20:15So if yesterday your total, um, summary of a budget was $10,000 and you modify one of them today to, um, reflect, reflect an additional $1,000.
20:31Uh, Salesforce is not going to take a snapshot that yesterday it was $10,000 and today it's going to be $11,000.
20:39All the reports are going to get updated real time.
20:42So just be mindful of that.
20:44Um, nothing really gets affected in reality.
20:48It's just, uh, Salesforce, uh, runs the reports in real time.
20:53So it takes the current values.
20:55So it will always take the most accurate information.
20:58So if you update it to be now, uh, $1,000 more, that's what it's going to show.
21:04Okay.
21:05Now you can also update the orphan generated checkbooks.
21:10So if for some reason, yes, you didn't, uh, you didn't, um, you didn't, uh, define a budget for, um, a rep.
21:20And you see it generated as an orphan.
21:24You can totally remove the checkbox and also modify the, um, amount.
21:31It doesn't matter if you keep the checkbox in there, to be honest, it's better to just leave it, um, without modifying it.
21:39Because it will indicate you that it was at some point generated automatically.
21:46Um, so it's better to keep the history intact of, of the budget, but you can totally go and modify the amount in here.
21:55So in this case, this was an orphan generated one.
21:58Yes.
21:59You probably missed it.
22:00Or, you know, you didn't define your budgets for next year and somebody already sold a campaign, including some months for 2021.
22:10So that that's going to be very common.
22:12Again, it doesn't matter.
22:13Go and update the budget in here and say, yes, I missed this one, or I didn't enter it on time.
22:19But the budget is $5,000, let's say you can totally modify those amounts.
22:26Now I'll go back to our slide.
22:29What we don't recommend you do, and that it's going to affect, uh, all the functionality from Salesforce.
22:38So you shouldn't be updating any of the fields that make a budget unique, especially if they have already been related to opportunities.
22:48Okay.
22:49So if I created a budget, the one we created just for Jennifer a few moments ago, had you made a mistake and you didn't select the right market or the right brand that you can update it because we will see here and I'll go back to our budgets.
23:07So let me take a look at the one that we defined for Jennifer.
23:11If you go to related, you will notice that there are no opportunities yet related to that budget.
23:19So in this case, then yes, I would be able to modify it.
23:23So let's say I made a mistake.
23:25It wasn't WVEN stream.
23:28It was WVEN.
23:30So I'm just going to define it.
23:33It's going to let me save it.
23:36Okay.
23:37But if for any reason your budget already has related opportunities in here, don't update any of those components.
23:48So again, they are marked here on the slide.
23:52You cannot modify the market, the brand, the product family, the date, and of course the seller.
24:00Okay.
24:01So the reason behind it is the system, what it does on the background, it uses that combination of the information that we've been talking about to do the matching.
24:13So if you update anything in here, what will happen is at some point, the system is going to rematch what was previously matched with this budget to the corresponding one.
24:27But that could lead to errors.
24:31So it's better that you don't update any of those fields.
24:37So again, let's just go quickly over what we can do and we cannot do.
24:45So we will be able to update amounts.
24:47We will be able to update the orphan generated checkbox.
24:51But again, it's recommended you keep that checkbox on for historical information.
24:58It's not going to affect anything else.
25:01It's not used to filter any reporting or anything.
25:05So it's always better to keep a history of what happened.
25:10But there is also no harm on updating that one.
25:14And on the side of things that you cannot do is update any of the fields that make a budget unique, especially if they have already been related to opportunities.
25:26So don't modify the market, the brand, the product family, the date and the seller.
25:31Okay.
25:32That's everything we needed to cover in this course module.
25:38So thank you.