Successful Budgeting-$1 At A Time
For any small business or any size business for that matter, one of the critical components to success is a budget. Usually when there is talk of a budget with self-employed business owners or even individuals, there is the mandatory eye roll and a look of resignation.
It is one of the last things the micro or small business owner wants to talk about. And, if you are looking for keys to success, it is one of the first things that needs to be addressed. In my personal business coaching practice creating a budget is necessary to create your pathway to success.
Keys To Success: Change Your Thinking On Having A Budget
Have you ever tried to give someone some advice or information that would definitely help them to succeed only to see it rejected. It is frustrating and it doesn’t leave you with a good feeling. When the topic of a budget comes up very often I get rejected.
Contrary to what some may think, small business success is not a random event. A budget makes your success and growth a planned event. It brings the necessary structure and process to bring success.
Are you interested in planning your success? If you are then going through the budgeting process will help you develop the vision of the future necessary to be successful. Your budget in a sense is the numerical part of your vision and mission statement.
In running a small business success doesn’t come by chance. It comes by choice.
Choose To think of your budget as your success plan.
Keys To Success: A Budget Is A Spending Plan For Success
Most entrepreneurs, solo professionals and self-employed business owners see a budget as a restriction on their freedom to spend as they would like. They like using the business bank account to satisfy their own personal whims and needs.
In reality the business budget is a safeguard to keep you within boundaries that will enhance your odds of success.
Think of your budget, not as a restriction, but as a spending plan for success and greater abundance.
Keys To Success: The Dirty Little Secret About A Budget
But here’s the dirty little secret. You may have the best business budget in the world. You have outlined your steps to success. But, for the business budget to work your personal budget must be in sync with it.
If your personal budget affects your business budget negatively, then your chances for success diminish rapidly. I have seen many self-employed business owners with a great product or service fail because their personal budget was out of control.
I call it the misplaced appetite or hunger syndrome. What you won’t control will end up controlling you and your destiny. To succeed you must have a budget or spending plan for success in both the business and personal areas. And, the two must work together.
One final thought I would like to leave you with. Most people spend more time looking for a new care than they ever spend on budgeting.
Take an hour right now to create a budget or spending plan to take you to the success you desire. Forget the eye roll and the look of resignation. You will be ahead of most people because you will be creating your success plan.
Budget the time and you will be taking the first step to budget success.
