If you’re new to the Business Life series in this blog, start here and work your way through the posts before reading this one. Now that you’re actually ready to implement your strategy, you need a way of tracking your performance, this is where budgets really come into play.
Now I know what you’re thinking, budgets are boring AF. I feel your pain, trust me, I have to deal with these at home AND at work. As much I don’t like writing about boring things, this one is too important to ignore.
There probably isn’t a single public company on the planet that doesn’t follow a budget, and the vast majority of smaller companies employ them into their financial plans religiously. Budgets and forecasts are the cornerstones of financial planning the world over, yet, according to a 2013 Gallup survey, just 32% of Americans prepared a monthly budget. Why is there such a disparity between business and people? Why do 100% of large, successful companies use budgets, yet only 32% of Americans do? [Read more…] about Business Life Part V: Budgets, Yuck!