Budgeting Essentials

Last week I talked about Finalize Decisively.   If you missed that post, you can review it HERE.  This week’s topic is: What is a Budget and Why Do I Need One?  Before you can understand how a budget can help you, you have to know what it is.  This week I discuss what a budget is how it can benefit you.

Last week I talked about when you have a good final draft step away.   If you missed that post, you can review it HERE.  This week’s topic is Finalize Decisively.  You can fine tune your numbers to the point where you lose focus on the big picture and your goals. Over working the details will not make your budget match reality perfectly.

Last week I talked about keeping your monthly cash flow positive. If you miss that post, you can read it HERE. This week’s topic is when you have a good final draft step away.  It’s important when you think you have a good final draft, to step away and not look at it for couple of days. Today I discuss why.

Last week I talked about Be conservative with your estimates. If you missed that post, you can review it HERE.  This week’s topic is keep your monthly cash flow positive. Planning your cash flow may seem to be something that you can’t do. But with a well prepared budget, you can avoid many cash flow issues before they happen. 

Last week I talked about working on income early.  If you missed that post, you can read it HERE.  This week’s topic is be conservative with your estimates.  One big temptation you need to avoid when preparing a budget is being too aggressive with your numbers, especially when you are working on your revenue. Today I discuss why. 

Last week I talked about concentrating on important items. If you missed that post, you can review it HERE.  This week’s topic is start working on income early. Estimating your revenue (Income) correctly is the key to creating an effective budget.

Last week I talked about making sure you pay yourself first.  If you missed that post, you can read it HERE.  This week’s topic is concentrate on important items.  We all have the same amount of time to spend on our lives.  Don’t waste time over analyzing budget items that are not significant issues to your business.

Last week I talked about creating a schedule for your budget.  If you missed that post, you can get it HERE.  This week‘s topic is paying yourself first.  This is important on two levels.  First, when you pay yourself first, you are directing your business by setting a goal for it to achieve instead of just taking whatever is left at the end of the year.  Second, this keeps you in control of your finances instead of your finances controlling you.