Another good topic is monthly budgets for our businesses. I bet that the majority of us don’t sit down every month and physically write out a detailed budget (assign every dollar a name before the month begins). I’m guilty of not doing this and I’m sure I’m not alone. I’ve recently started Dave Ramsey’s Financial Peace University and budgeting is a big part of it. I’d like to thank Kris who a while backed mentioned how she was getting out of debt with the Dave Ramsey program. I started his program 1 month ago and have already paid off 2 credit cards that I’ve had for a long time. It’s amazing how when you set up a budget ahead of time and stick to it, all of the extra money that you uncover. By doing this with my personal life, it’s made me realize how important it is to do this with my business as well. I plan on starting a business budget this upcoming month. I will theoretically have every dollar spent on paper and assigned to different categories before the month begins. It will be a little more difficult to do this for my business. I will have to use averages since sales and supply costs fluctuate week to week. I will also have to factor in for long term budgeting such as sales tax, insurance, etc.
So to sum this up, I think this would make for a great topic. A lot of people probably don’t do a monthly budget, and those people that are doing one, might not know how to do one correctly to maximize its effectiveness.