Cutting Through the Budgeting Myth
Business coach Jon Ewing offers practical financial planning advice to help contractors improve in the areas of cost estimating and sales forecasting.
Making It Happen
Once the budget is in place, you have established your targets based on intelligent assumptions. In order to then go out and make it happen, you must model your business plan to strive to attain all targets and goals set forth in your budget.
For example, if your sales goal target for municipalities calls for a 10% increase, identify that number and track it through consistent tracking methods. Perhaps you would meet with your sales team bi-monthly to evaluate your progress and investigate all opportunities required to achieve your goal. From the cost end, it is also imperative that you monitor costs each month to make sure you are tracking as planned.
Through this disciplined approach, you are able to better manage and eliminate surprises. And hey, those surprises are the one thing contractors hate even more than wrestling with numbers. So here’s to becoming a numbers guy.
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