How are you budgeting

[Jeremy Groover]

Hello Ladies and Gents!

It has been a while since I have done anything other than read topics here. I hope everyone is well and kicking a$$!

As I come to my first complete year in business, I have learned so much but I have also been left with a ton of questions. My biggest issue I am having at the moment is budgeting. I am not just talking about where my money is going, but more along the lines of money management. As I make more money, I tend to "look" for things I "need" for my company. I understand discipline is key, but what are you doing to help yourself with this?

Basically what I have come here to ask is...
What methods are you all using to budget your companies? Is there an app, program, excell workbook that I can get ahold of to better help with this? Is there a tool that can be used like the tried and true envelope budgeting system? Where I can say "okay, I am making this much, here is what I am allowing for this and that".

I feel like a small percentage of income each month is being wasted or needlessly spent. My company is going to clear close to 125k this year. With only roughly 20% of that being operational costs, the rest is left to spend or save how I choose. I want to allow myself "x" amount to spend on different things, what system are you using? Is there an app that can monitor what I spend and update me accordingly without having to run reports like in quickbooks? Is there a work book where I can plug in my numbers, and set an allowance if you will for certain areas like advertising, growth, held cashflow, payroll, ect? While we are on the subject, which ways are you all monitoring your personal budget? Money management is a big key to success and financial freedom. So what ways are you taking on this task?

Thanks everyone!

Jeremy

 

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[amp0193]

So what ways are you taking on this task?

Re-investing profits into more skus so I don't have any money to spend on anything else. Until I sold my last business, I felt relatively poor for 3 years, and never felt like I could really spend excess on anything that wasn't necessary. Always be growing.

 

[Jeremy Groover]

Re-investing profits into more skus so I don't have any money to spend on anything else. Until I sold my last business, I felt relatively poor for 3 years, and never felt like I could really spend excess on anything that wasn't necessary. Always be growing.

I actually have a service based company, so thats not exactly an option. I could spend the money on acquiring new customers from other similar service companies looking to sell accounts, but that way of gaining customers is very costly and the return takes almost a year to recoup. I am not looking for answers on where to spend my money, I am more of looking for ways to monitor my spending a lot closer/ see exactly where the money is going, and maybe a way to see where each dollar is either making me money or costing me money, as well as where I can cut spending to bring profits up as I am going to be looking to hire someone VERY soon. As soon as I am able to hire, and sustain an employee full time, I truly believe that my growth will be exponential as I will not have to spend the time maintaining the customers I already have, and I can spend more time acquiring more organically, then repeat the process of hiring someone to maintain that group of customers ect.