This ‘How much’ question was posed to me recently in a networking group by a young professional who had just left the comfort of a large corporate firm to strike out on her own with a business partner. My answer: ‘Depends’. There is never a right answer to this question, every situation is different, but there are a few foundation things that should be considered, and they all involve some sort of trade-off.
Time.
Time is our only truly non-renewable resource, so it makes sense to use it as productively as possible, depending on your definition of productive. For this new firm, while they have clients, they also have more time than they had working as corporate ‘slaves’ in a bigger firm, so they can choose to use it for marketing, developing their professional competence, which is after all an investment in their future, or they may even go to the pub. Early on it makes sense to invest some of the excess time in building their marketing and sales processes so that they can ‘feed’ the pipeline of potential clients.
Money.
Nobody, no matter how big, has sufficient money in the marketing budget to do all they would like. Therefore it is a matter of priorities and choices. Never easy. It is also true that the way you see marketing makes a potentially huge difference. Seen as nothing more than a necessary expense, it is just a chunk of money going out the door. Seen as an investment, marketing becomes something different, by definition. While it costs money now, it is an investment in future prosperity. By gaining clients that will continue to deliver revenue over a longer period, without having to spend on getting them through the door again in the first place, the initial investment will deliver great returns. My answer is also always tied up in the need to use available money as productively as possible, which means that before you spend a zac on the communication end of the marketing spectrum, make sure you have the definition of the ideal customer and your value proposition in place, so you can accurately target both the potential clients and your messages.
Expertise.
Expertise you can buy in, but it is dangerous to buy in expertise in a situation where you do not know enough to adequately make the choice between alternatives. This applies perhaps more than anything else the strategic/marketing end of the service continuum, simply because there is rarely one right answer, and there are no external professional standards to be met. This means that a marketing professional may just be highly professional about marketing their business, but hopeless at marketing yours. If you buy in expertise before you know what expertise you really need, you risk getting a plumber when you need a carpenter. Alternatively, you can buy in the expertise to assist define just what it is you do need before you make the investment in marketing activity. The instinct these days is to talk to a so called ‘digital marketer’ whose business it is to sell you digital marketing services, whether or not that is the best use for your money. It pays to be sure, do some serious introspection before you jump. This is not usually an instinctive thing for most, in this case they are lawyers, not marketers, and marketing remains a ‘dark art’ outside their experience and expertise. Marketing has to be at the front of your mind, not just during the start-up phase, but for ever more. While the specific activity that drives client engagement can be turned up or down according to the capacity available to service the business, marketing is a key part of the DNA of every successful business.
Create processes.
Everything in business is a part of a process, no matter how big or small it may be. Therefore the things that are repetitive should be ‘routinised’ as much as possible so they happen with minimum resources, and optimum performance. In other words, they are a productive use of the time and money allocated. Just as providing a professional service requires a process to be followed, so it is with marketing activity. You can automate just about everything these days, which is where a mistake is often made, as automating a rubbish process just leaves you with automated rubbish. There is no substitute for mapping out what you want to achieve, and the best way to achieve it, piloting and refining, before you automate. Remember also that automation by definition, removes the ability to be agile in the face of something not considered in the automation phase.
Prioritise ruthlessly.
We only have so much capacity, spreading it thinly just ensures nothing gets done properly. Far better to do less things, well. Therefore, I absolutely subscribe to, and work with clients to prioritise their investment of time money and expertise. You can do this in any number of ways, two of which I like and use. The first is the well known urgent/not important matrix, 
The second is an aggressively culled priority list. Record the top 20 priorities you have in front of you. Prioritise 1 to 20. Draw a line under number 4, or 5, and discard the rest into a ‘carpark’ of some sort, not to be considered at the moment, but too be kept aside, as being in your top 20, there is some importance to be attributed. Ensure that as a part of the process you have performance measures built in so that you know which parts of your marketing are working, in which case you double down, and which are not in which case you stop, and either save the investment or use it in the doubling down.
Finally.
Find activities you are happy to do, that you can feel proud of, and do them. You are in business for yourself, being happy is often hard as the pressures can be substantial, so make the effort to find the elements of the wider role you have taken on, and do those that you enjoy, are good at, and which add value to your business, and outsource the rest, having done sufficient research to ask good questions of potential suppliers.
