Budgeting Your Way to Success
When you are learning about budgeting and your business financials, you have to get into the nitty-gritty stuff. You are fully capable of learning the metrics of your business because that’s what’s going to move your business forward.
When it comes to running a business, you need to have financial goals that you keep in mind. Doing this in addition to reviewing your historical data, estimating your sales, projecting your expenses, and managing your cash flow, you can create a realistic budget aligned with those goals.
Once that budget is set, it doesn’t stop there.
Be sure to regularly monitor your financials to make adjustments as needed when the unexpected happens. Take the time to plan for the unexpected, it will take a lot of the emotional weight off of you if it does happen. If this feels really overwhelming, just know that you can do it, but you can also seek professional advice from experts who understand the complexities of your business.
Financial forecasting and budgeting is an iterative process. Continue to inspect your financials month over month in order to direct your business so that you can get it where you want it to go. When you understand the financials of your business, you are better prepared to navigate your business and make informed decisions.
If you want some more guidance as well as some helpful spreadsheets to get your budgeting started, check out The Pilot Project!
What’s in This Episode
- How defining clear business goals and objectives will support your business.
- Analyzing historical financial data to identify trends, seasonality, and insights around sales, expenses, and cash flow.
- What creating revenue projections will do for your business when you factor in market demand, pricing strategies, sales pipelines, and historical sales data.
- How to create a budget that aligns with business goals, covers short-term and long-term needs, and factors in all expenses.
Up Next
For Episode 108, I’m going to talk all about cash flow; Managing your cash flow and building your cash flow.
What To Do Next
- Want to read more books? Join Thought Readers, my book club for business owners. It’s free to join in 2023, don’t miss out on this great opportunity to learn with like-minded peers.
- Join The Strategy Lab, Lisa’s insider entrepreneurial community that is learning, tackling, and coming together to support and challenge each other on all things business. Click here to join.
- Subscribe to receive this podcast and regular weekly strategies to grow and shape your business. You’ll also be the first to know about upcoming courses, programs and exclusive LIVE training.
- Join the conversation on Instagram, Facebook, or LinkedIn and share your insights from the show.
