New Year New YOU, Thanks to Budgeting
2020 is the year to have a BIG vision. It’s also the year your big vision may require BIG TIME budgeting skills because seeing your financials clearly is what makes your everyday activity result in prosperous outcomes. Have you taken the time to work on your new business plan?
Have you built out a budget for 2020 yet? If not, it’s time to step in line and get out of the weeds for a minute. What’s past can help your Law Firm grow, but only if you set your figures to a plan for what’s next to come. Think of it as an exercise in “best practices”. I’m sure you’ve heard the saying:
“What you dream about, you bring about”
Well, imagine what would happen if you did MORE than dream about something… and you actually called on a professional to help put pen to paper or rather keystrokes to computer for working out a budget for 2020. You would be amazed at how easily you can make educated decisions for your firm by having a budget. I don’t have to tell you how busy an Attorney’s life can get. Wouldn’t it be great to save time for what matters most and stop worrying about whether or not something is “in the budget”. Together we can create a budget FOR REAL, so when you wonder about an expense during your busy 2020 year, you can lose the quotes around that phrase and avoid financial crisis too.
Let me check the budget. No, Really.
The best kind of budget draws data from previous years activity. Building a budget with historical data prevents businesses from leaving out key financial planning elements required for running a successful law firm. Attorneys just starting out can begin a budget from scratch too, which is helpful for starting a business on the right foot. Whether you are utilizing historical data from a tidy set of books or creating a budget from scratch, anticipating operating expenses is of great benefit to you.
Another perk to budgeting is planning for seasonal frivolity. I’m not saying you need to work spending frivolously into your budget. LOL! Just that if you tend to know when you do spend more, you might as well budget that activity in, right!?! Take the holidays as an example. We’re freshly into 2020 and you’ve likely spent money on a little holiday cheer. Think of all the “extra” expenses that might otherwise be thought of as unnecessary, or more “gratuity” given due to the season. Let’s budget a ballpark figure in there, so your law firm is sittin’ pretty later, when life gets back to normal.
What stage are you in with your business planning and have you included budgeting into that effort yet? Comment below – it would be great to hear from you. Or, if you need a little help? Contact Us.
Let us help you keep the books clean for future budgets too.
Are you a bookkeeper or DIYer with budgeting questions? Join our facebook group, QB CommunityLive!, and ask a warm welcoming community of professionals who support one another through these great topics. Use hashtag #budgeting2020 so I know it’s you. 😉
Today's post has no video. I am at the airport in Austin, Texas. Just finished up a conference called Evolve. I belong to a women's entrepreneurial group called, Ellivate Alliance. More on that to come in future blog posts. I am bursting at the seams with so many ideas and thoughts to share. Stay tuned!