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THREE KEYS TO BUILD A BUDGET YOU CAN BANK ON.
Hey Founders,
Today we're not just talking about budgets, we're talking about taking control and owning your greatness game. So, grab a notebook, sit down, and let's dive into three game-changing tips not just to freshen up that bottom line but to build it, too!
Crafting a budget might feel overwhelming, but trust me, it's a game-changer for your financial success. Let's dive into three crucial steps to build a budget that works for your business.
BUILD IT BACKWARDS
First off, let's reverse-engineer it. Begin with the end goal in mind. What are your financial aspirations? Whether it's expanding your operations, investing in new technology, or securing that dream office space, identify those goals. Work backward to figure out how much you need to allocate for each expense category and revenue projection. Picture it like this: if you aim to increase profits by 20% in a year, what steps and investments will get you there? By starting with the end goal, you'll shape a practical budget that propels your business forward.
CHECK IN ON IT
Now, onto the second step - schedule time to review it. Your budget isn't a one-and-done deal. Regularly carve out time each month to review it and quarterly to tweak it. This is your financial GPS, and you want it recalibrated for accuracy. Maybe it's cutting back on unnecessary expenses, or perhaps it's reallocating funds to areas showing more promise. By staying on top of your budget, you ensure it's a dynamic tool, always guiding you towards your business objectives.
BUILD TRUST WITH IT
Last but not least, allocate funds as they come in. Money in, money out - simple, right? As you receive funds, distribute them to the appropriate bank accounts according to your budget. This proactive approach keeps you in control and prevents financial chaos. It's like being the conductor of your business finances, orchestrating the flow to hit all the right notes.
THE BOTTOM LINE IS THIS...
So, fellow Founders, let's embrace the power of budgeting. Start with the end, review regularly, and allocate funds strategically. Your business's financial success is just a well-crafted budget away!
ABOUT TAUNYA WOODS RICHARDSON
Taunya is well-known for her straight-shooting, bottom line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.
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