{"id":9693,"date":"2012-08-02T12:30:30","date_gmt":"2012-08-02T16:30:30","guid":{"rendered":"https:\/\/smarttan.com\/news\/?p=9693"},"modified":"2012-08-02T10:07:14","modified_gmt":"2012-08-02T14:07:14","slug":"tips-for-better-budgeting","status":"publish","type":"post","link":"https:\/\/news.smarttan.com\/index.php\/tips-for-better-budgeting\/","title":{"rendered":"Tips for Better Budgeting"},"content":{"rendered":"

A recent article from AllBusiness.com offers \u201c8 Budgeting Tips for Your Business,\u201d to help you manage your bottom line and recognize areas for improvement. Too many owners and CEOs feel that budgeting is a waste of time and things will work out if they just do enough business, but following these tips will help you meet profit targets and avoid costly surprises.<\/p>\n

    \n
  1. Take the time to do it right.<\/strong> Just like any other project, budgeting will take some time and thought. Get input from your team and make it worth the effort by doing it right.<\/li>\n
  2. Practice, practice, practice.<\/strong> It can be difficult to estimate the future, but you will become more accurate over time if you actively use a budget.<\/li>\n
  3. Don\u2019t think your company is the exception.<\/strong> Any business can and should be budgeted. The key is to strike the appropriate balance between the time invested in your budget and forecasting accurately.<\/li>\n
  4. Use a Gantt chart.<\/strong> This is an expanded timeline that tracks deliverable dates.<\/li>\n
  5. Don\u2019t try to budget to the last penny.<\/strong> Getting too<\/em> detailed will drive you crazy. The real, reasonable objective is to be able to make corrections at a level that makes a significant difference.<\/li>\n
  6. Make tradeoffs when necessary.<\/strong> If you have unexpected expenses, decide what budgeted item can be eliminated in order to compensate.<\/li>\n
  7. Set both profit and cash flow targets.<\/strong> Both metrics need to be monitored and understood. \u201cKeep in mind that every year businesses with great profits fail due to a lack of cash,\u201d the author writes.<\/li>\n
  8. Ask three questions to assess your results.<\/strong> Ask these questions at the end of every month: (1) How are we doing compared to the budget? If the results are different from the plan, why did this happen? (2) What must we do now to have a better result next month? How can we keep the positive differences and avoid the negative ones? (3) What are we learning that will help make next year\u2019s budget better?<\/li>\n<\/ol>\n

    Click here to read the entire article from AllBusiness.com.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    A recent article from AllBusiness.com offers \u201c8 Budgeting Tips for Your Business,\u201d to help you manage your bottom line and recognize areas for improvement. Too many owners and CEOs feel that budgeting is a waste of time and things will work out if they just do enough business, but following these tips will help you […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9693","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nTips for Better Budgeting - Smart Tan News<\/title>\n<meta name=\"description\" content=\"A recent article from AllBusiness.com offers \u201c8 Budgeting Tips for Your Business,\u201d to help you manage your bottom line and recognize areas for improvement. Too many owners and CEOs feel that budgeting is a waste of time and things will work out if they just do enough business, but following these tips will help you meet profit targets and avoid costly surprises. Take the time to do it right. Just like any other project, budgeting will take some time and thought. Get input from your team and make it worth the effort by doing it right. Practice, practice, practice. It can be difficult to estimate the future, but you will become more accurate over time if you actively use a budget. Don\u2019t think your company is the exception. Any business can and should be budgeted. The key is to strike the appropriate balance between the time invested in your budget and forecasting accurately. Use a Gantt chart. This is an expanded timeline that tracks deliverable dates. Don\u2019t try to budget to the last penny. Getting too detailed will drive you crazy. The real, reasonable objective is to be able to make corrections at a level that makes a significant difference. Make tradeoffs when necessary. If you have unexpected expenses, decide what budgeted item can be eliminated in order to compensate. Set both profit and cash flow targets. Both metrics need to be monitored and understood. \u201cKeep in mind that every year businesses with great profits fail due to a lack of cash,\u201d the author writes. Ask three questions to assess your results. Ask these questions at the end of every month: (1) How are we doing compared to the budget? If the results are different from the plan, why did this happen? (2) What must we do now to have a better result next month? How can we keep the positive differences and avoid the negative ones? (3) What are we learning that will help make next year\u2019s budget better? Click here to read the entire article from AllBusiness.com.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.smarttan.com\/index.php\/tips-for-better-budgeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Better Budgeting - Smart Tan News\" \/>\n<meta property=\"og:description\" content=\"A recent article from AllBusiness.com offers \u201c8 Budgeting Tips for Your Business,\u201d to help you manage your bottom line and recognize areas for improvement. Too many owners and CEOs feel that budgeting is a waste of time and things will work out if they just do enough business, but following these tips will help you meet profit targets and avoid costly surprises. Take the time to do it right. Just like any other project, budgeting will take some time and thought. Get input from your team and make it worth the effort by doing it right. Practice, practice, practice. It can be difficult to estimate the future, but you will become more accurate over time if you actively use a budget. Don\u2019t think your company is the exception. Any business can and should be budgeted. The key is to strike the appropriate balance between the time invested in your budget and forecasting accurately. Use a Gantt chart. This is an expanded timeline that tracks deliverable dates. Don\u2019t try to budget to the last penny. Getting too detailed will drive you crazy. The real, reasonable objective is to be able to make corrections at a level that makes a significant difference. Make tradeoffs when necessary. If you have unexpected expenses, decide what budgeted item can be eliminated in order to compensate. Set both profit and cash flow targets. Both metrics need to be monitored and understood. \u201cKeep in mind that every year businesses with great profits fail due to a lack of cash,\u201d the author writes. Ask three questions to assess your results. Ask these questions at the end of every month: (1) How are we doing compared to the budget? If the results are different from the plan, why did this happen? (2) What must we do now to have a better result next month? How can we keep the positive differences and avoid the negative ones? (3) What are we learning that will help make next year\u2019s budget better? 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