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EPISODE IN BRIEF
In today’s episode of Coaching Conversations, Chris and special guest, resident money-man, Tony Crossin bust some myths and open the conversation on BUDGETS.
Why do you need one…. how to go about creating a real clear picture of the state of your business… and what you can do about the end game each month.
Take the confusion out of budgeting and build confidence in your decision-making with this enlightening episode of Coaching Conversations….
Time Code/Show Notes
0.26 Intro: Business coach experts Chris and special guest Tony Crossin launch into the importance of having a budget and why so many small businesses still don’t have one…
3.00 Do you need a deep understanding of your financials to put a budget together…let’s talk about what you DO know first. Money going in and money going out – what’s left is profit. SIMPLE. A budget turns the light on in a dark room. When you can see the obstacles, you can do something about them.
7.15 Having a budget is all about achieving a level of control and awareness of your business. It will sharpen your focus so you can get your financials back on track.
10.00 Take your actuals from the previous month and compare them to your projections… What you’ve done versus what you should have done.
12.00 Tony talks about exploring the historic peaks and troughs, and what went up and down. Do you know why it happened and what caused the fluctuations. Identify expenditure that can be spread across the year etc.
15.10 You can plan well – but you need to execute it – a double-sided approach. Create the actions to execute. The traditional balance in play is still 80 percent planning – 20 percent doing.
17.00 How can you switch those numbers and have 80 percent action…
19.30 Ask yourself what’s important… is making money important. You need to dedicate at least an hour a week to understand your numbers in order for you to meet your targets.
23.00 You’ll see greater results when you work towards your goals with confidence and knowledge. Own your numbers – it’s really empowering. Drive your business by the numbers because they don’t lie
24.30 Being in control is a great feeling. Time to squash those overwhelming feelings and take back control. Control and confidence. Work towards a budget and everything else will find it’s place.
25.35 Understanding, controlling and managing your numbers will bring reward. Don’t underestimate the power of knowledge and the ability to love what you do again – minus the intense levels of stress.
27.00 Reach out to ask@upcoach.com.au if you have any questions about developing and understanding your own budget processes.
EPISODE SUMMARY
Creating a budget for your business is not something you should do – it’s something you MUST do.
Three simple elements make up the benefits of business with a thoughtful budget. Understand your numbers. Take control of your numbers. And manage your tasks so you can achieve those numbers.
Tony lives by this triple shot principle and urges you to do the same.
Dial-in what you do every day and drive the business by the numbers.
It’s vital to your success. Significant progress is just around the corner.