It’s a business’ greatest tool for success, yet many business owners – new and seasoned don’t have one. That tool is a budget. I know for many, the idea of budgeting can feel restrictive, boring and not exactly sexy. What if creating a budget wasn’t that at all? What if creating and utilizing a budget was the first step to generating more revenue and profit in your business? What if creating and utilizing a budget was simple and easy?
Good news, my fellow business owner! It can be.
The steps listed below will get you started created and utilizing a budget that boosts your profits.
First things first, you can delegate the bookkeeping, accounting and payroll functions in your business but you, the business owner, should always know your numbers and the financial position of your business. Doing it any other way, leaves the door open for too many things to go wrong.
7 Simple Steps To Creating A Budget You Love
- Decide on a system to track and monitor your budget monthly. There are free and paid resources available. Find a system that works well for your industry and business needs.
- Set your revenue goals for the year and by month.
- Identify all business expenses, including paying yourself. You can pull bank statements for the current year as well as the previous year. This will help identify monthly expenses and any surprises that are bound to occur.
- Decide on your profit goals. This is pretty easy once you identify your revenue and expense goals.
- Use the budget. Don’t create it and leave it stored away on your computer. Print it out each month. Refer to it before making buying decisions.
- Communicate the goals with your team. Get them excited about the direction the company is going and ask for their feedback and ideas on how to hit those goals.
- Find a way to reward yourself and your team for hitting the targets set by the budget.
If you’re ready to design a plan to take your business to the next level, then let’s talk. Reserve your complimentary strategy session here: www.ConnectWithShontaye.com. Limited spaces available.