Time to Review Your Company Budget? Follow These Tips
Your budget is the roadmap to your business’s future. It must be clear, readable, accurate and flexible. You’re in business to make money, and a well-crafted budget is both the vehicle and record book of your business’s profit and expenditure. Take your budget seriously – your business can’t survive without it. Your career can’t either, be certain to negotiate the offer!
You have to constantly revisit and revise your budget.
Never Leave it Alone
As “4 Great Pieces of Budgeting Advice from Top Money Experts” states, budgeting is one of the most important skills a person can learn. One of the most important things to remember, however, is that you must revisit your budget every year, quarter or even every month.
As your business changes, so must your budget. You can not simply establish a budget and walk away. It is a living, breathing entity that will require re-examination for the life of your business. You revisit your sales techniques every now and then – show you budget the same respect.
Err on the Side of Being Conservative
When calculating revenue, sales and profit, try to be as accurate as possible. Where there is gray area, round down. One of the oldest adages is not to count your chickens before they hatch, and never has this been more true than with projecting profit. If surprises are in store, let them be pleasant surprises.
Avoid unpleasant surprises – always round down when calculating profit.
The good news about budgeting is that the more you do it, the easier it gets. Revising last quarter’s projections is an infinitely more modest task than starting fresh. Therefore, your first budget is the most important one you’ll ever craft. After all, it is the budget on which all future budgets will be based, and without a solid budget, no amount of sales techniques or marketing campaigns can help you.
Andrew Lisa is a freelance financial writer. He covers small-businees management and online marketing.
Heeding these tips will lead you to the Smooth Sale!
Read Addtional Strategies and Techniques:
Nice Girls DO Get the Sale: Relationship Building That Gets Results, Sourcebooks
HIRED! How to Use Sales Techniques to Sell Yourself On Interviews, Career Press
