[PODCAST] Basic tips for planning your budget without mistakes
Posted: Wed Dec 18, 2024 6:38 am
Joan is an Online Marketing Consultant and host of the Sage Advice Podcast.
A woman with long red hair sits at a desk in an office, smiling as she writes on a notepad. She is wearing glasses and a light blue T-shirt with small prints on it. A laptop is open in front of her and the room is lit with natural light.
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In this episode of the Sage democratic republic of the congo email list
Advice Podcast, “Business Management as a Key to Success ,” Joan Boluda explains the basic tips that all small businesses should know when planning their budget.
Learn what these basics are to be able to plan your budget without errors. Listen to us!
You can find all our podcasts on Sage Advice Podcast, the podcast channel that Sage has created for small businesses.
There comes a time in the year when everyone has very good wishes and aspirations for the next year. In business, however, it is not enough to hope that the company will do well, you have to work for it. And the platform on which we get on the train to business success for the next year is called the annual budget .
How to make an annual budget
The budget does not fall from the sky. Before implementing it, we must take a previous trip: the one that will lead us to a good budget, but not before passing through several intermediate stations without making mistakes.
The first step will be to monitor what has happened in recent times . Does it have anything to do with what we previously budgeted? If not, we will have to consider corrective measures or even profound changes in our strategy.
Our next stop should be in the analysis of the environment . We cannot make the mistake of seeing the company in a square way, as we would like it to be, without taking into account the environment in which our activity takes place.
We must be able to see beyond what has happened and have tools that allow us to predict how everything that influences us can evolve and, therefore, change business decisions.
In recent years, one of the best proofs that a company has modernized its management is its adaptation, often motivated by legal requirements , to plans to deal with extreme contingencies. Not having them can be a mistake that we will pay dearly for if the risks materialize. How would we deal with a fire, an earthquake, a serious work accident with many injuries, a food outbreak, a data leak or any other disturbance? We must analyze those situations that are most likely for our activity.
When we talk about planning and budgeting, the 'small' details are not insignificant. On the contrary, they show the capacity for prevention and early warning, as well as regulation. In short, the budget is the translation into numbers of our capacity to respond.
And of course, this is not just about planning for negative events, but also about knowing how to take advantage of opportunities . You have to be able to detect possible favorable changes in the environment before they happen.
In this regard, we must not fall into the error of short-termism. We must have a vision of the future beyond the scope of the budget for several reasons. Firstly, there are many variables of interest that, in the long run, tend towards equilibrium and that, at a given moment, may suffer disturbances that deviate from it.
Therefore, we are interested in knowing what phase we are in and where we should go to take advantage of opportunities and cover risks.
A woman with long red hair sits at a desk in an office, smiling as she writes on a notepad. She is wearing glasses and a light blue T-shirt with small prints on it. A laptop is open in front of her and the room is lit with natural light.
Subscribe to our channel via email to receive each new podcast in your inbox.
Subscribe
In this episode of the Sage democratic republic of the congo email list
Advice Podcast, “Business Management as a Key to Success ,” Joan Boluda explains the basic tips that all small businesses should know when planning their budget.
Learn what these basics are to be able to plan your budget without errors. Listen to us!
You can find all our podcasts on Sage Advice Podcast, the podcast channel that Sage has created for small businesses.
There comes a time in the year when everyone has very good wishes and aspirations for the next year. In business, however, it is not enough to hope that the company will do well, you have to work for it. And the platform on which we get on the train to business success for the next year is called the annual budget .
How to make an annual budget
The budget does not fall from the sky. Before implementing it, we must take a previous trip: the one that will lead us to a good budget, but not before passing through several intermediate stations without making mistakes.
The first step will be to monitor what has happened in recent times . Does it have anything to do with what we previously budgeted? If not, we will have to consider corrective measures or even profound changes in our strategy.
Our next stop should be in the analysis of the environment . We cannot make the mistake of seeing the company in a square way, as we would like it to be, without taking into account the environment in which our activity takes place.
We must be able to see beyond what has happened and have tools that allow us to predict how everything that influences us can evolve and, therefore, change business decisions.
In recent years, one of the best proofs that a company has modernized its management is its adaptation, often motivated by legal requirements , to plans to deal with extreme contingencies. Not having them can be a mistake that we will pay dearly for if the risks materialize. How would we deal with a fire, an earthquake, a serious work accident with many injuries, a food outbreak, a data leak or any other disturbance? We must analyze those situations that are most likely for our activity.
When we talk about planning and budgeting, the 'small' details are not insignificant. On the contrary, they show the capacity for prevention and early warning, as well as regulation. In short, the budget is the translation into numbers of our capacity to respond.
And of course, this is not just about planning for negative events, but also about knowing how to take advantage of opportunities . You have to be able to detect possible favorable changes in the environment before they happen.
In this regard, we must not fall into the error of short-termism. We must have a vision of the future beyond the scope of the budget for several reasons. Firstly, there are many variables of interest that, in the long run, tend towards equilibrium and that, at a given moment, may suffer disturbances that deviate from it.
Therefore, we are interested in knowing what phase we are in and where we should go to take advantage of opportunities and cover risks.