Here we are at the end of 2020. It has been a crazy year, and we’re entering the holiday season. What does that mean? That’s right – it is time to finalize your business budget for 2021!
What? That’s not what you were thinking? Yep, it’s not what’s on anyone’s mind, but nonetheless, it’s THAT time of year for most business owners and managers. Yay!
Here’s the deal. If you’ve never made a budget, it’s time to start. Check out Todd Schorle’s blog, Your Budget is Your Roadmap, from earlier this year. Then watch my session from 2020 IT Nation Connect, Get Started with Business Budgeting. If you’re a past or present Sea-Level client, reach out to your coach and they’ll share with you the budget excel template described in the video. If you’re not a client, hit the Let’s Talk link on our website and we’ll make sure to get it to you.
2020 was a rough year for budgets. Not many companies could have foreseen the economic and productivity challenges that unfolded in the spring. The most successful companies this year pretty much all have a few things in common. They made a plan for profitability, but found it veering off track in Q2. As a result, they made cost and expense adjustments (tough decisions) to align with the revenue adjustments (as we’ll call them). Then, they began to rebound in Q3.
We are all feeling off balance and like our “budgeting crystal ball” is way out of focus this year. That’s OK. What is important is that we make our best-educated estimates and run with them.
I’d like to challenge everyone to do 3 things:
1) Make time to prepare your budget
2) Actually input your plan into your accounting software program
3) Block time in your calendar now to study your variance reports each month in 2021
Our Sea-Level coaches are here and ready to help.
Best wishes and happy holidays from your friends at Sea-Level!