Running a business without a budget is like trying to hit a moving target – it is very difficult! We often hear business owners telling us they are too busy to create a budget, or don’t know where to start, or that they won’t achieve it or that they don’t know how to use it day to day.
Well after years of experience working with business owners and running my own business we can tell you first hand that having a budget with realistic stretch targets will fast track your business success.
What are the benefits of a budget?
- It helps with planning
- Identifies borrowing needs
- Allows you to monitor your business performance
- Helps you identify opportunities
- Reduces the risk of nasty cash flow surprises
- Keeps you realistic about what you can afford
- Boosts motivation
Keeping you accountable
Just like an athlete has a coach or you have a personal trainer at the gym, the aim is to keep you on track and motivated. The same principals apply in business and if you are looking to improve your business performance you might need a business coach to keep you accountable.
We will work with you to develop a budget and keep you accountable by having regular Accountability Meetings.
It’s even easier now with online accounting software like Xero
Xero has a very useful tool under ‘Reports’ called ‘Budget Manager’. Check out this video to see how easy it is to use. https://vimeo.com/77102457
Now is a great time of year to do some ‘spring cleaning’ and get your business on track for the coming year by preparing a budget. Give us a call on 07 5451 1118 or drop us an email at firstname.lastname@example.org