At the start of each year, you probably make goals and have dreams of where you would like your business to go and visions of how it will grow. You prepared what you thought to be a realistic budget. Preparing the budget is the first step.
Reviewing it at least monthly is just as important to the success of your company. Don’t let your budget gather dust and forget to look at it ever again.
If you haven’t prepared a budget for the year yet or haven’t been reviewing your budget monthly, it is not too late! Do it now. Preparing a budget is one of the easiest and most beneficial things you can do for your business. Our customers see now what the results of their decisions will be in the future. Often, the first draft of the budget shows an unwanted financial result. Without a budget, you wouldn’t find this out until the money is spent. With a budget, you have a chance to proactively adjust your plans. Then the budget allows you to compare your projections to your actual performance.
Are you on track? Here are some tips:
A common is projecting low expenses and unrealistically high revenues. With proper planning and research, your goals can be accomplished. Here are 5 questions to ask yourself when approaching a budget review:
As you answer these questions, you will fine tune your budget and increase your chances of success. There is a direct correlation between companies who keep an eye on their progress. With a budget and review process in place, you will dramatically increase your chances of reaching your goals.
Confused about where to start with a Budget or want someone to do it for you? BudgetEase can help. Give us a call at 216-333-1303.