Business Ideas,Tips&AdviceManage Your Business & Employees | |

Why Is Budgeting Important for the Entrepreneur? |

Fri, 24 Jun 2011 12:00:54 +0000

I’ve had many to inquire of why budgeting is so important for the entrepreneur? I’ve especially seen these inquiries from solopreneurs or small businesses of one or two people. Let me just say first that having a budget is one of the key components to a successful business no matter the size. How do you know where you’re going, if you don’t have a plan for getting there? How do you know how well your business is progressing or not, if you don’t have something to measure your performance against? Simply put, a budget is a financial plan and helps you to manage the future income and expenses of your business. It reflects the goals & objectives of your business combined with how you believe your resources will be used. However, it doesn’t stop there, a budget serves as the roadmap for your business. It aids in providing a compass for making important business decisions in a more efficient manner to ensure that your business is heading in the right direction. A budget also empowers you to think more about the future and anticipate what could possibly happen in your business, which in turn makes for effective management.

Here are other reasons why I believe budgeting is important to the success of any business:

1.) Provides insight into your business and sheds light on if your business is financially on the right path.

2.) Creates a performance measurement mechanism in which you are able to understand what your business is doing compared to what you thought or planned.

3.) A budget shows that you are a serious entrepreneur which makes your business attractive to potential investors and is a critical component in getting funding from a bank.

4.) Acts as a management tool for running your business on a daily basis.

5.) You are able to make adjustments early once you realize that your business may not be reaching its planned goals.

6.) Due to a budget being a forward thinking document, it serves as a planning tool for future growth.

7.) Produces discipline in that as an entrepreneur you are more aware of your expenditures and more careful to manage costs in order to ensure that you reach your established goals.

I keep entrepreneurs and small business owners from going out of business! I do that by teaching them simple methods for taking control of their books, understanding financials, and budgeting effectively. You save money, frustration, time, and also add to their bottom line when working with Simplistic Financials.

For more information on how to take control of your business financials and for a complimentary 20 minute consultation visit. Simplistic Financials

Excel Business Templates: Quickbook Deposit Slips |

Mon, 11 Apr 2011 19:00:38 +0000

This is an Excel deposit slip that will print on Quickbooks forms. Used for Excel versions 2007 or later. To download, click the image – or here : Excel Quickbook Deposit Slips

Excel Business Templates: Commercial Bank Deposit Slips |

Sun, 10 Apr 2011 16:49:29 +0000

Microsoft template for commercial bank deposit slip. Compatible with Microsoft Excel version 2007 or later. To download, click the image – or here : Excel Templates of Bank Deposit Slips

A Simple 3 Step Solution to Getting Your Employees to Complete Time Sheets on Time! |

Fri, 04 Dec 2009 14:35:17 +0000

A Simple 3 Step Solution to Getting Your Employees to Complete Time Sheets on Time!
By Tywan Miller

A common complaint among small business owners is the failure of employees to complete their time sheets. The employees typically have a strong start but fail to their enter time for the entire week. This can be frustrating for the business owner who has to use valuable time playing catch up with the employees while they try to complete these time sheets so the employee can be paid on time.

Educate, Reward, and Consequence Model

Consequence - If you are having similar issues, you must first generate a plan to see why this problem is happening. Do your employees realize the importance of completely filling out their time sheets and consequences of not doing this? Do you have consequences for incomplete time entry?

Establish and communicate consequences for delayed or incomplete time entry. Make sure these consequences are included in the employee handbook or company intranet for reference.

Educate - Once you understand why the problem is happening, you can educate the employees on the proper time completion procedure. Once they are educated and aware of the consequences, you can jumpstart reward part of this model.

Survey your employees to see why they are turning in the time sheets late. Use the surveys to develop a plan to educate them the importance of on time completion and the consequences of incomplete time sheets.

Reward - Create a weekly game or contest around this time sheet completion learning process for all employees. Draw names each week from a pool of people who correctly entered their timesheets correctly. I’ve seen prizes range from a half day off to a gift certificate for dinner at a fancy local restaurant.

Sounds childish, but this works. This technique re-trains the employees during this contest or trial period so that when this phase was over, they will continue to enter their time properly.

If necessary, create a new excel timesheet template that is easy that they can fill out electronically or print it manually. Try the contest idea and see if your timesheet completion rates don’t improve drastically!

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