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Basic budgeting tips can help entrepreneurs to set their business up for success.
Budgets and a sound money mindset not only contributes to the success of a business but also gives power back into the hands of business owners.
Knowing your numbers and being able to predict your profits brings clarity, control and confidence. It enables us to make better informed decisions and empowers us to reach our profit goals.
Good money habits starts with the basics of managing your finances.
Part of the foundational knowledge every entrepreneur should have is to know how to BUDGET and to PREDICTING profits.
I know it all started with my mothers’ influence…
My mother was our finance minister in the house.
She taught me the value of money and how to budget for real-life expenses, not intentionally though.
Yes, I did learn money matters, financial strategies, and cash flow forecasting in order to graduate, but nothing replaces the actual real-life experiences we encounter when our cash no longer covers all our expenses.
After my parents’ divorce, I moved into a 2 bedroom flat with my mom.
She barely survived and struggled to provide for herself let alone for a teenager who had to eat more than she sleeps…
Soon I realized that my mother is in much despair and finances was really tight.
Her simple principle is still today very fresh in my memory, so much so, that I am able to teach her principles to my children as well!
Soon I discovered the total amount of expenses far exceeded her income.
She then asked me to decide which expenses are the most important…
With only a small amount left to buy groceries, she then took me to the grocery store and into each food aisle, she explained, in lament terms, how much an item really costs.
Determining the weight of a product, the size, the amount, and then the price per weight/size/amount truly revealed if an item that is “marked down” or on “sale” is actually more expensive or if it is genuinely a bargain.
Because in general, we miss looking at these basic indicators and are influenced by the emotional manipulation of marketing tactics.
I never knew I could learn so much from a grocery-store aisle!
With her simple approach, I was fascinated and I had a desire to understand how money can be managed better, so I could get more out of it.
I grew up with a scarcity mindset and because of many money mindset issues, I mismanaged money in my young adult years. Soon after earning my own income, I fell into terrible debt traps, and also made silly buying decisions because of impulsive behaviors due to emotional needs. Most of all, because I never really took the time to look at my facts.
I made many mistakes, and I probably still make them, but I also came very far.
In the past 10 yeas, I learned better ways and the importance of practicing better money habits.
I want to help entrepreneurs not to make the same mistakes I made.
So, let’s look at basic budgeting tips to help you live a life of freedom.
are the most common emotions some entrepreneurs and business owners also struggle with is
Having all these emotions can really make you want to hide away from facing your facts.
A scarcity mindset won’t help you either! Avoiding something as important as your finances is not only an avenue down to disaster but also causes all these emotions to escalate into further traps.
Eventually, we all come to a point where we just have to face our giants, conquer our fears, and take the unspoken risks.
Planning to have more money is much easier than taking the action to do it.
I have learned more through my own real-life experiences, mistakes, failures, and fears than any MBA course can ever teach me.
Hopefully, I can help you also to UNDERSTAND
you need a budget so you too can find peace & clarity in managing your finances.
A budget is an action plan to really UNDERSTANDING
A budget is not only for people who struggle with their day-to-day financial planning, even if your finances are in good order, you still require a budget.
The most difficult part of a budget is to START creating one.
It is similar to exposing yourself and revealing your vulnerabilities.
A basic worksheet can help you organize everything.
This basic budget worksheet has the most common categories and can really help you track your
in an orderly fashion.
You can master the setup of a good budget but the key to real success is in actually FOLLOWING it!
I had to force myself into creating a habit of updating my budget weekly, today I do it daily and some days I can’t even remember I did it.
Good habits bring good results.
By taking a multi-step approach and doing things in the right order can assist in achieving great results.
Overspending can easily be the death-trap of your budget.
In an age where everything is easily accessible simply by a swipe, scan, or tap, we all fall short in keeping track of the amounts we spend against our fixed amounts budgeted.
Specials and Sales are my worst temptations and I had to learn how to change my mindset about falling for these marketing strategies because this is all it is, strategies!
It is seldom that I can find a special that was a real special [in value] or an item on sale that I could not find elsewhere for the same price or even cheaper…
Believe in the process!
Know that you are never too poor to budget!
Decide what your goal is with your budget!
#TIP: Use a basic spreadsheet/worksheet to start and adjust it as you get more comfortable with your budget
This is the difficult part – the part where most people fail…
It is time-consuming and sometimes disappointing to
Fortunately, there are several apps, software packages, etc that can assist with these processes automatically.
I recommend these apps for quick, user-friendly budgets:
The most important is to ensure your expenses never exceed your income!
#TIP: Try to review your budget daily for at least 21 days – this will soon become your next good money habit.
After your first month, you need to
#TIP: From this first month forward try to cut a % of your expenses so it can be allocated to reaching your profit goals.
Just as you review your budget, you need to constantly review your profit & growth goals.
By allocating a % of spending to goal-reaching, you soon will master this savings habit and then you can aim to set higher goals.
#TIP: Your savings habits will contribute to reaching your profit goals realistically
Setting up a Tax-Free Savings Account can assist with reaching your goals such as investing for your child’s education, that second honeymoon, or even your next adventure.
Keep moving forward,
even if it feels and looks very slow…
keep your eyes focused on your end goals
I know, everyone tells you this, you read it probably all the time, but you ignore it.
This is and was my greatest obstacle in following my budget.
#TIP: Instant gratification makes it a lot more difficult today to cut on spending, especially lately where everything is available online – so limit your access to online payment methods and when you go out shopping, keep only one card with a limit in line with your spending budget
Find some of the tips that help me to ensure I make better spending choices:
Hopefully these basic budgeting tips brought some insights to help you get your business budget on track for growth and reaching profit goals realistically.
If you are ready to learn more about predicting your future profits by using financial strategies, you are invited to JOIN my business membership, the B.O.S.S Society, where I teach all the ways you can start a successful online business, implement effective income strategies and learn how to build profitable funnels.
I also created a 6-Step Framework to help you create a game plan for your business.
See you online!