Looking at long-term goals for a business is important, but the short-term goals and decisions can determine whether a small business succeeds or fails. The rolling forecast puts a focus on these short-term goals. It gives an honest, sober assessment of where the business actually stands and where it's going. Once a rolling forecast is [...]
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Life can get pretty hectic and there are always too many things on a small business owner’s mind. One of those things probably isn’t setting the budget for the year. However, budgeting is so important that it should be one of the first things at the top of the to-do list. It can be easy [...]
For many business owners, projecting what is going to happen next month is so difficult that forecasting what is going to happen over the next five to ten years seems ludicrous, impossible even. But the strategic plan is not like the budgeting process, which is very quantitative where you really have to care about the [...]
These following 3 exercises are unquestionably the number one way for businesses to succeed. Strategic planning, budgeting, and forecasting will become regular cadences that will help the decision-making process easier, create achievable goals, and hold team members accountable when those goals aren’t met. 1. Budgeting & Performance Review A budget should be a monthly review [...]