Doreen Dilger
  • WELCOME
    • TEACHING CLASSES
    • SPEAKING
    • SHE SHED
  • ONLINE CLASSES
  • VIDEOS
  • BECOME A PATRON!
  • Blog
  • Contact

4 Tips On Creating An Effective Business Budget 

7/13/2015

0 Comments

 
Picture
Written by Doreen Dilger, The Home Based Business Coach

Most home based business owners understand the value of creating a budget. However, few actually follow through and those that do go through the effort make mistakes. These mistakes cause headaches, stress, and debt. When your budget doesn’t work, it’s way too easy to let it go. Instead of fixing the budget, it’s pushed under the desk and ignored. That’s not great either. The solution is to work to fix budgeting mistakes and create a more effective business budget.

·         Give Yourself Some Wiggle Room – One of the biggest mistakes when creating a budget is to not leave any extra room. The budget is pushed to the limits and spend every penny each month. The trouble with this approach is that the budget will be busted on a consistent basis. Overestimate what you need and leave some room for emergencies.

·         Review Your Budget – It’s not enough to simply create a budget. Reviewing the budget is an essential part of the budgeting process. Take a look at your budget at least one a month. Look for areas where you overestimated, underestimated and where you can cut costs. Remember, a budget isn’t set in stone. It’s supposed to be an evolving guide to help you stay in control of your business finances.

·         Set Goals – Your budget gives you the ability to track and review the data which means you can use it to set goals for your business. For example, you can use it to set cost cutting goals. “I want to cut my marketing costs by 10% while increasing my sales by 10%.” You can use analytics, expense reports, and sales data to evaluate your success.

·         Create Good Systems – In addition to finding a budgeting system or software that works for you, also remember that hiring providers, reviewing expenses and assessing your analytics are all part of your systems too. If an excel spreadsheet works better for you than a budgeting software, then use it.

If your contractors are breaking your budget, see if you can negotiate a deal or rework your needs so that you can afford them. There are many small steps you take each day that either support your financial success and an effective budget, or they detract from it. Identify what’s working for you and release what isn’t.

Good budgeting practices lead to a better and stronger business. If you’re not sure how to budget or if you’re budgeting in the most effective manner, get help. You’d hire an expert to help you build your website, if you need help building a budget it’s good business sense to hire a financial pro.

0 Comments



Leave a Reply.

    Picture

    Author

    About the Author:  Doreen Dilger  is a Certified Manifest Method Coach, Certified Life Coach,  Author and Founder of Women Empowering Women Now.

    ​Tagline: Master Motivato
    r, Excuse Eliminator & Goal-get-her.   


    I guide women to put themselves first, step into their power so they can create an abundant and soul-inspired life.

    Archives

    September 2020
    June 2020
    March 2020
    February 2020
    January 2020
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    June 2018
    February 2018
    September 2017
    August 2017
    July 2017
    June 2017
    October 2016
    September 2016
    August 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    September 2014
    July 2014
    April 2014
    February 2014
    January 2014
    October 2013

    Categories

    All
    4 Hour Work Week
    Attract New Clients
    Business Coaching
    Clean Desk
    Delegate
    Flexible Schedule
    Follow Through
    Follow Up
    Get Out Of Your PJ's
    Lifestyle Business
    Make A Plan
    Managing Your Time
    Measurable Goals
    Money Management
    Niche Groups
    Office Organization
    Organized Office
    Peer Groups
    Productive Working From Home
    Property Management
    Reorganize
    Take The Day Off
    Time Wasters
    To-Do List
    Vision Board
    Working From Home

    RSS Feed

    Subscribe to our mailing list

    * indicates required
    Email Format

Contact INFORMATION

=contact info

DOREEN DILGER
PO BOX 824
WATERTOWN, CT 06795
WWW.DOREENDILGER.COM
Join my private facebook group **the junk journal club!

copyright 2022
Privacy statement
Disclaimer
affiliate disclosure

Picture
Photo used under Creative Commons from Tim Dorr
  • WELCOME
    • TEACHING CLASSES
    • SPEAKING
    • SHE SHED
  • ONLINE CLASSES
  • VIDEOS
  • BECOME A PATRON!
  • Blog
  • Contact