No matter what your business is, having a budget will help you succeed.
I’ve been working on a presentation about budgets.
Making them easy, accessible and useful.
You know you need one.
And you know you don’t want to do it.
I’ve got a way you can do it in an hour.
No excuses–if you don’t have 60 minutes, you can do it in segments.
Just remember to SAVE.
Even 10 minutes will start to show results in a short time (and if you need to reward yourself with chocolate, no one’s looking). You can do the basics in about an hour.
Print out a P&L from QuickBooks for 2016. Less than5 minutes
Open an Excel sheet.
Starting in column A, row 5 put all the categories on your P&L sheet. Leave at least a space or two between categories, so you can go back and total things (or just add rows as you need them). Although you can use an Excel template or QB for a budget, I find it’s worth the time (15 minutes depending on how fast you type) to create your own.
Label column B “2016”. Right click to format the column for currency (I use no decimal points and no $ symbol-saves space, looks cleaner). Add the numbers from the sheet (15 minutes). If you need to leave during this process, highlight the row you’re on, so you can find it quickly when you come back to it.
Total each group that’s important to you. For example, all sales/revenue, all cost of sales and total COGS (cost of goods sold). 10 minutes.
Figure out your Gross Profit. Subtract the total Cost of Goods Sold from your Total Sales. 3 minutes. I usually highlight this so I can get back to it quickly.
Figure out your expenses. Add all the totals of all your expense categories together. 5 minutes
Figure out your Net Profit. Subtract your total expenses from your Gross Profit. That will be how much you made or lost in 2016. 2 minutes
If you want to do a budget for 2017 and don’t have all the numbers yet, print up a P&L for the first 9 months of 2017, average or guesstimate the balance of the year and use that. If that’s too much, call me 917-825-4499 and I’ll walk you through it.
If you want help with this or to talk about your business, let’s chat: 917-825-4499 or shoot me an email: firstname.lastname@example.org
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