{"id":25913,"date":"2017-04-10T14:24:27","date_gmt":"2017-04-10T18:24:27","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=25913"},"modified":"2020-03-30T22:31:49","modified_gmt":"2020-03-31T02:31:49","slug":"making-business-budget-4-traps-avoid","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/making-business-budget-4-traps-avoid","title":{"rendered":"Making a business budget? Here are four traps to avoid"},"content":{"rendered":"\n<p>You\u2019ve picked out a great location and you\u2019re ready to sign the lease. Perhaps, like me, you even figured out how you\u2019d like to paint and design your office. I even purchased a bunch of ergonomic furniture. But just when I was ready to move in, I realized I had forgotten a crucial thing: I forgot to budget.<\/p>\n\n\n\n<p>Although I had allotted plenty of money for the bigger items, I completely forgot to account for smaller things, like paper and pens, in my budget. So, before I could proceed, I had to stop and rework the numbers. Little oversights can have a big effect. I\u2019m living proof of that. Don\u2019t fall into these four budget traps:<\/p>\n\n\n\n<h2  id=\"1-rounding-off-the-wrong-way\"class=\"wp-block-heading\"><strong>1. Rounding off the wrong way<\/strong><\/h2>\n\n\n\n<p>It\u2019s really easy to underestimate how much something is going to cost. What if something goes wrong? What if you decide you need to replace something before you even use it? Try to make decisions based on realistic facts and figures, rather than estimations. When people estimate, they often overshoot their budget. Better to round up, then run out of money!<\/p>\n\n\n\n<h2  id=\"2-looking-at-your-projections-through-rose-colored-glasses\"class=\"wp-block-heading\"><strong>2. Looking at your projections through rose colored glasses<\/strong><\/h2>\n\n\n\n<p>You may be looking at your sales projections and assuming you\u2019re going to be a billionaire by the end of the year. That\u2019s not what\u2019s going to happen. Where you want to go, and where you\u2019ll actually wind up, are often two very different places. Every time a competitor appears, your projection should change. If the whole market is hurting, you\u2019re going to hurt as well. Keep researching and adjusting as new information becomes available to be sure you aren\u2019t making big plans for money you won\u2019t have.<\/p>\n\n\n\n<h2  id=\"3-thinking-you-only-need-to-draw-up-a-budget-once\"class=\"wp-block-heading\"><strong>3. Thinking you only need to draw up a budget once<\/strong><\/h2>\n\n\n\n<p>The budget you made in January is going to be very different from the budget you\u2019ll need in July. You weren\u2019t a psychic when you drew it up the first time. You could have more or less money than you though you would when you\u2019re halfway through the year. I\u2019m guilty of drawing up a budget and forgetting to update it\u2013are you? Remember that budgeting is a continuous process that needs to be adjusted as finances shift. Failing to meet expectations or exceeding expectations are both vital reasons to update a budget.<\/p>\n\n\n\n<h2  id=\"4-using-a-budget-system-you-dont-understand\"class=\"wp-block-heading\"><strong>4. Using a budget system you don\u2019t understand<\/strong><\/h2>\n\n\n\n<p>You only need to keep track of four core things\u2013what you\u2019ve sold, what you\u2019ve earned, receivable accounts, and payable accounts. Everything else is just another layer of complication on top of something that\u2019s already complicated enough. You shouldn\u2019t have to be a rocket scientist to understand your own budget. If you are finding it hard to read and interpret your budget, it\u2019s time to break things back down to basics.<\/p>\n\n\n\n<p>Maintaining your budget doesn\u2019t have to be a nightmare as long as you\u2019re constantly on top of things. Try to stay realistic, and plan to make small adjustments every few weeks, to help keep your business on the right track.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve picked out a great location and you\u2019re ready to sign the lease. Perhaps, like me, you even figured out how you\u2019d like to paint and design your office. I even purchased a bunch of ergonomic furniture. But just when I was ready to move in, I realized I had forgotten a crucial thing: I [&hellip;]<\/p>\n","protected":false},"author":1654,"featured_media":25916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-25913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Making a business budget? Here are four traps to avoid<\/title>\n<meta name=\"description\" content=\"You\u2019ve picked out a great location and you\u2019re ready to sign the lease. 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