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Six checklists to a improve your business budget

by , 13 October 2015
It's almost December and we all know what that means... right? Holiday, parties, and shopping! Well, not exactly.

What it should mean for you as a business owner is that it's time to put together your business budget.

Hopefully you know the value in having a budget for your business operations and you're not recklessly spending money.

You need to improve your budget so you know exactly what and where you're spending on a monthly basis for your business, that you make sure you meet your targets and remain profitable.

Read on as I give you six checklists to improve your business budget.

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Six checklists to improve your business budget

Is your budget flexible enough to take advantage of new opportunities that arise?
If you hear yourself saying 'there's no budget for it', stop and think about the real goals of your business, e.g.: increased product diversity.

Have you spoken in person to your staff about issues such as salary cuts, before you put it in the financial budget?
Think of the budget as the written instruction, after you've communicated any news directly. 

Have the relevant teams given input on targets and agreed that their strategy's achievable?
Use your financial budget to coordinate the activities of the different departments.

Are the goals realistic and clear?
Your staff will be more motivated by the financial budget if they understand what's expected of them and if they understand what's expected of them, and their goals are clearly set out in the financial budget.

For example, you'll motivate your personal assistant if you give her a financial budget for total costs within her control. She can control stationery costs and cleaning expenses, but she can't control how much her manager spends on lunch while he's on a business trip.

Does your financial budget measure performance at the right level?
Measure the divisional manager's performance at divisional level. This will keep your staff motivated and working towards end points.

Do all your staff have a clear picture of their deliverables and budget?
Communicate and use your financial budget properly. Keep a close eye on how costs are allocated each week. At the end of each month, collect receipts and invoices so you can track the real costs of running each department. Make staff regularly compare actual costs to budgeted costs. This way your departments will all stay on track.

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