Just like the Federal Government, every business should have a budget for the next financial year. 

𝐻𝑎𝑣𝑒 𝑦𝑜𝑢 𝑤𝑜𝑟𝑘𝑒𝑑 𝑜𝑛 𝑝𝑟𝑒𝑝𝑎𝑟𝑖𝑛𝑔 𝑦𝑜𝑢𝑟 𝑏𝑢𝑑𝑔𝑒𝑡?

I hear people all the time expressing their distaste for budgets. Some people see it as some sort of restriction of their activity when really it’s the opposite. It should be the goal to drive your activity.

𝐴 𝑏𝑢𝑑𝑔𝑒𝑡 𝑖𝑠 𝑎 𝑝𝑙𝑎𝑛. 𝐻𝑜𝑤 𝑙𝑜𝑛𝑔 𝑑𝑜 𝑦𝑜𝑢 𝑠𝑝𝑒𝑛𝑑 𝑝𝑙𝑎𝑛𝑛𝑖𝑛𝑔 𝑓𝑜𝑟 𝑦𝑜𝑢𝑟 𝑛𝑒𝑥𝑡 ℎ𝑜𝑙𝑖𝑑𝑎𝑦? 𝑀𝑎𝑛𝑦 ℎ𝑜𝑢𝑟𝑠. 

A plan for your business should be worked on to help pay for your next holiday. A budget should be about 50% achievable. If it’s too easy you will not have enough pressure on yourself to achieve. If it’s too hard you are likely to get discouraged and give up on your plan and lose focus.

Don’t know where to start?

If you have been in business for over a year, have a look at your performance in the last 12 months. Review on areas where you can improve. How much extra income can you earn with your current resources? What if you add resources, how much more can you earn. 

It doesn’t have to be perfect, it just needs to be done.