We have all heard over and over again, throughout the years of our entrepreneurial journey, to set goals for our business, how is that working for you?
We work with clients every day that are frustrated! Despite setting and meeting their monthly revenue goals they still do not have the cash to pay themselves more or re-invest in their business.
What is the disconnect?
The disconnect for business owners is a budget! I know that this process can sound very daunting or like something that is only done at big corporate businesses. Well ladies and gentlemen there is a reason the big companies are going through this process, it works!
The budget is a thorough planning process where you not only set up your sales goals (based on data), but you strategically plan your costs and operating expenses.
The budget is a way to be proactive and forward-thinking in your business.
Here are a few other benefits about setting a budget:
- The ability to set sales goals with real data not emotion
- The ability to make decisions about hiring, salaries, bonuses, benefits and other operating expenses.
- Confidently re-invest in your business through advertising, travel, conferences, courses or coaching.
- Use the information gathered during the budget process to start saving for an emergency (or maybe a global pandemic)
- The potential to attract investors
- The chance to open lines of credit or determine if you are going to need credit to support your goals
- Easier tax planning
Are You Ready to Set your 2021 Budget?
With a plan of where you are going each month, you can also begin to compare your actual financials to your plan.
What incredible insight for a business owner!
Business owners that go beyond understanding the benefits of planning to actually creating and utilizing a budget monthly will likely see their bottom-line increase. Those that do not will be left wondering where their money goes month after month. Don’t get left behind!
Kickstart is now offering business budgeting;
- 30 minute strategy session
- Full budget in a google document that is customized to your business
- Upload your budget to QBO and compare your financials each month to your budget (For Kickstart Accounting Clients)
Need more information on the process book a call here: https://calendly.com/kickstartaccounting/discovery