With the end of the year around the corner, we’ve been talking about the value of reports – and we will be posting more articles on this subject over the next few weeks. Along with good reports comes the opportunity to create a budget for your business. Yes, I know that even the mention of this word can cause people to run toward the hills to hide, but budgets don’t have to be as complicated as you might think! 
As individuals, most of us have a budget for our personal lives but tend to neglect setting one up for our business. It can definitely seem too overwhelming. But if you break the task down into steps, it will seem much more achievable. First, you need to categorize what you’re spending your money on – i.e. payroll, website hosting, advertising – and determine allowances for each. Make sure you monitor what you’re spending on a regular time schedule so that you’re sticking to your plan. If you see that you need assistance, don’t be afraid to seek help from a professional. An expert can get you on the right track and then you can continue to save money on your own. Above all, you need to have realistic expectations when you predict your earnings so that you won’t end up feeling disillusioned.
Now that you are reviewing reports to see where your money is going, why not take that information to the next level? Every week I’m asked what a company should do in order to grow, and while there are quite a few answers to this question, my first response is to know where the money is going and what it’s doing for the business. Understanding how you’ve spent money in the past on your business can actually go a long way to building your business in the future.
I’m delighted to have Shirley Tan from Ecommerce Systems as a guest blogger this week. She has contributed a great article on Budgets that I’m sure you will find interesting. Look for it tomorrow.
Happy Holidays!
Rox 