We can hear your groans from way over here, but budgeting and planning are necessities when you’re running a business.
Sure, you’re busy. Your world spins a little faster than a lot of people’s because you’re an entrepreneur. But you’re a smart entrepreneur – which is why you’re here, reading this.
If you’ve been putting your faith in a higher power when it comes to this part of being in business, then the time is now to get smart about it. The 2019 budgeting and business planning season is here and it’s your chance to professionalize your financial functions.
Your planning process is a key measure of a successful business. Keeping your ducks in a row shouldn’t be something you do once a year. It’s an ongoing endeavor, designed to tell you where you’re at and where you’re going. So, brace yourself! The 2019 budgeting business planning season is here and you’re about to make it count.
Upgrade Your Tools
If you live in irrational terror of budgeting and business planning, it may be that you’re using tools you’ve used for years to get the job done.
But the old ways are just that – old. It’s time to step up by upgrading your toolkit.
Instead of those Excel spreadsheets you’ve been relying on since the year zero, pony up for software that accommodates every aspect of the budgeting and planning process in one place. Look for an integrated solution which permits the consolidation of all your reporting, allowing budgeting and planning to align their data needs.
Forecasting is made immeasurably easier, opening the door to a smoother, less hair-raising process.
The old way of doing things made for hot and heavy data collection and consolidation. The right software automates data collection, making it less prone to human error and reducing the human resources involved in the endeavor.
Budgets are produced and then, routinely, adjusted. They become meaningless almost the moment they’re prepared.
That’s why you need systems in place which allow for agile updating each quarter. Your budget is a benchmark. It’s not written in stone. Allow yourself a more labile budgeting process which invites course corrections mid-year to get where you want to be.
Rolling forecasts are part of a continuous planning process, allowing you to produce provisional budgets for up to 6 quarters into the future. This is a great tool for small businesses, providing a window into the future, how it’s going to go and how you’re going to going to get there.
There’s no need to be a hot mess for the 2019 budgeting and business planning season. Adopting these fixes now will make your life so much easier. Wrestle the process to the ground without even breaking a sweat. Or call Norton Financials.
Norton Financials is your personal finance department. We take the books off your hands, so they’re free to do all the other things busy entrepreneurs do every day.
Contact us. Let’s make the 2019 budgeting and business planning season better!