{"id":17576,"date":"2024-11-08T11:15:08","date_gmt":"2024-11-08T11:15:08","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/11\/08\/your-southeastern-fl-businesss-budget-should-start-here\/"},"modified":"2025-05-07T14:04:21","modified_gmt":"2025-05-07T14:04:21","slug":"your-southeastern-fl-businesss-budget-should-start-here","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/11\/08\/your-southeastern-fl-businesss-budget-should-start-here\/","title":{"rendered":"Your Southeastern FL Business\u2019s Budget Should Start Here"},"content":{"rendered":"
\n

It seems like the government thinks they have an endless supply of dollar bills, the way they like to throw our tax dollars around.<\/p>\n

But believe it or not, the government has to use an\u00a0annual budget<\/span><\/a>, and they have\u00a0agencies in place<\/span><\/a> to make them stick to it (whose purpose is actually to try to save<\/i> your tax dollars, not spend them).<\/p>\n

Here\u2019s a recent example of the federal budget in action (which can impact you as you\u2019re considering your<\/i> annual business budget): Policymakers are soon expected to\u00a0cut the federal interest rate<\/span> a quarter percentage point (0.25 percent) \u2013 despite the impact of the recent hurricanes in the Southeast and the Boeing worker strike.<\/p>\n

Meaning: If you\u2019ve had business expansion ideas that you need to take out a loan for, the new year would be a better time to act on those plans as lower interest rates on loans are likely in 2025 (make sure to consult your financial advisor on loan terms and other important factors). And the good news is that rate could<\/u> continue to drop this year and into next.<\/p>\n

But if you\u2019re not even considering a budget for next year, you\u2019re not the only one \u2013 most business owners don\u2019t (more on that later). However, this isn\u2019t ideal. Not having a budget puts you in the position of solely relying on cash flow to gauge the financial health of your Miami Metropolitan business, which I can tell you, is not<\/i> a sufficient barometer.<\/span><\/p>\n

Trust me \u2013 If you want to see true, sustainable profitability, you need a budget.<\/strong><\/span><\/p>\n

I know it\u2019s tedious, but if you invest the time and effort, you won\u2019t regret it (and we can help keep you accountable along the way).<\/span><\/p>\n

Your Southeastern FL Business\u2019s Budget Should Start Here<\/strong><\/span>
\n\u201cUnless commitment is made, there are only promises and hopes; but no plans.\u201d \u2013Peter F. Drucker<\/i><\/span><\/p>\n

\u2018Tis the season for business budget planning, and I know you\u2019re just giddy with excitement about it (or, not so much?).\u00a0<\/span><\/p>\n

It\u2019s tempting to sweep the budgeting issue under the rug or to just make a half-hearted stab at it. And most business owners are doing just that \u2013 about\u00a0<\/span>54 percent<\/span><\/a> of small business owners don\u2019t have any kind of formal budget.\u00a0<\/span><\/p>\n

But please hear me when I say, your business <\/strong>must have<\/strong><\/i> a budget<\/strong>. Without one you\u2019re bound to waste money, misuse time and resources, and actually prevent your company from growing optimally<\/u>.\u00a0<\/span><\/p>\n

Your biggest plusses to realistic budgeting: 1) Track your progress toward your goals, 2) confidently manage your cash flow, and 3) gracefully find the way forward when unexpected events occur \u2014 and if this hurricane season (or even supply chain shortages and dock worker strikes) has taught us anything\u2026 it\u2019s that the unexpected will happen<\/strong>.\u00a0<\/span><\/p>\n

So today, I\u2019d like to give you some pointers for avoiding business budget mistakes that I commonly see.<\/span><\/p>\n

1. Realistically estimate sales.<\/strong><\/span><\/p>\n

It\u2019s common for business owners to ambitiously forecast sales for the upcoming year. But overestimating your sales could lead to overspending, which could put you in a serious cash flow predicament.<\/span><\/p>\n

So, how do you accurately<\/i> estimate your sales?\u00a0<\/span><\/p>\n