Profit Tip for 1 July: Do A Budget
Getting your budget done is as simple as:
STEP 1 – Gather your Budgeting Calculating Ingredients
STEP 2 – Write down your Future Plans
STEP 3 – Sort out your Future Plans into Budget Headings
STEP 4 – Apply the dollars to your Budget Headings
STEP 5 – Do a Profitability Check
It doesn’t have to be complicated, or maths-ey! Even if you only write down 5 lines – one for income and four lines of expenses – you are starting a budget you can work with… All you need to do after that is to check your progress towards the goals (preferably weekly) but monthly will do, you will probably surprise yourself with the improved business and profits that result from just keeping your eyes on the prize!
This time of year Newspapers are reporting “30 ways to get ready for year-end”
“Do this quickly” “Hold off on that” “Pay some things now and other things later”…
Same old, same old! I never understand why these articles focus on last-minute rushing around – perhaps this is a “slow news” time of year? So, consider spending the same amount of time and effort lining up your ducks instead – review (or build) a budget. A really good, really useful budget.