Operating without a budget is just a bad idea period. It is year-end, the 4th quarter and while your business is just trying to stay afloat or figure out holiday celebrations; it really should be preparing for the next year! Successful corporations can take time off at year-end, relax only when their business is completed!
Without a budget in place for 2020, there isn’t time for you to become relaxed at all! Most companies, most small businesses never operate with a budget because budgets are based on the past. Without having a past documented history it is impossible to create a future budget and so you continue in the cycle of doing business the same way expecting different results.
So what if you improve customer service, how can you track the success of those services? So what you increase prices, how can you tell where the increase went or measure the effects of the increase?
Budgeting ensures that you have a plan, it’s an annual or big picture goal. Accomplishing the budget is done in pieces broken into 52 weeks and measured at a minimum monthly through financial reporting. To operate without a budget is to be unprepared for success. Successful companies do not wait until money is made before they decide how it will be distributed and when? The formula is placed within a budget! You need budgets to govern expenditures, build bank accounts, strengthen your company and maintain reserves and a positive cash flow.
Do not underestimate the power of bookkeeping! The process when done timely and accurately is the difference between operating in a positive cash flow rather than a negative cash flow! It’s the difference between breaking even and earning a profit! Bookkeeping handles ALL OF THE ABOVE: earmarking reserve funds, providing a financial picture regularly to keep everyone on track with the budget, monitoring expenses and revenues as well as bank and credit card reconciliation.
Let’s get your company a budget for operations now! Don’t go into 2020 doing the same tired thing and hoping for better results! Better results begin with better actions which means better books, FIRST!
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