10 Things I Know About...Budgets
Mary Ellen Regele of Worcester has more than 20 years of experience managing business budgets and provides coaching for small and home-based businesses. She can be reached at thebudgetcoach@aol.com.
10. Be Realistic
Your budget serves as your road map toward financial success. Without a clear plan and set numbers, you will quickly lose your way and slow down your business. An attainable and realistic budget is an essential tool for growth.
9. Refer Back
Visit your budget often to make sure you are where you planned to be with both income and expenses. Circumstances often change and you may have to modify your budget accordingly.
8. Actuals Vs. Estimates
A monthly review comparing what you had planned to do with what you actually are doing is vital to your financial well being.
7. Money Going Out
Schedule a time to sit down and pay your bills. Paying bills past the terms set can result in a finance charge and may also delay the delivery of future goods or services.
6. Money Coming In
Schedule a time to sit down and send out your invoices. Keep in touch with clients who fall behind in paying their invoices.
5. Record Check
Get in the habit of keeping all of your receipts and make sure to organize them. Keep accurate and complete records of your expenses and invoices.
4. Eye On The Future
Keep a watchful eye on your business trends. Stay current with new developments and products and budget accordingly.
3. Set Goals
Look beyond the current year and save for your future growth.
2. Stay True To Vision
Challenges present themselves on a regular basis. Remember why you started your business and keep your passion alive.
1. Get help
Hire a professional to keep your books. You may not have the training or the time to manage your bookkeeping, and the last thing you want is to have financial responsibilities compromise the passion you have for your business.
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