Super easy principles that you will help you start your budget in 30 minutes.
Budgeting can cause massive headaches for anyone! Budgeting is so intimidating for some, that they won’t even do them. Relax! There is an easier way to budgeting. Find out in 30 minutes.
Pearl of Wisdom
11 For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you hope and a future. 12 Then you will call on me and come and pray to me, and I will listen to you. 13 You will seek me and ﬁnd me when you seek me with all your heart. 14 I will be found by you,” declares the Lord – Jeremiah 29:11
Tech Tip of the Week
6 EASY STEPS TO DO YOUR BUDGET:
STEP #1 WHAT IS A BUDGET?
- Prediction of the future of your business
- Predict Revenue, Expenses, Profits
- Serves as a guideline for your Success
- Serves as a Promise you have made to yourself and your team
- Set aside 40 hours to Evaluate – Prepare – Achieve
STEP #2 CHECK YOUR FINANCIAL BENCHMARKS
- Benchmarks are standards that have proven to be successful
- Make sure you are operating by acceptable standards
- HVAC Spells Wealth – by Ron Smith- Gross Margin – page 99
STEP #3 EVALUATE YOUR 3 YEAR TRACK RECORD
- Take last 3 years and compare them month by month
- Look for predictable trends, growth patterns
- Take into consideration unusual months, why were they unusual?
STEP #4 MAKE PREDICTIONS ON NEXT YEAR’S GROWTH
- Take all things into consideration
- 15%-20% growth on the top line is considered respectable
- Consider manpower needs & marketing costs (10%)
STEP #5 PUT BUDGET IN WRITING
- Take time to format it
- Bind it in a presentable folder
STEP #6 SHARE YOUR BUDGET
- Share budget with accountability group
- This promise must have some consequences
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