Let's Make a Budget! with Beth Gummere, Kenza CoFounder & CFOMar 10, 2022
“As you go on and get deeper into business ownership, the financial side gets easier. It gets better. You’ll get to a point where you’re not having to monitor your cash flow so tightly because you’re making more money. You’re going to get better at this, trust that. Getting into the habit of creating and maintaining a budget, understanding where your money is going, and planning for the inevitable is what you need to be doing right now."
Have you ever found yourself wondering: how much is it going to cost me to run my business?
Tiffany and Beth sit down to discuss the different aspects of running a business and how to break down the individual costs within those variables to create a budget that works for your business.
In this episode, we start with the basics.
You’ll learn what information you need to gather before sitting down and making a budget. You’ll get advice on how to create a budget that makes sense for your business based on both your expected and unexpected expenses, anticipated income, and what you ideally want to take home in a paycheck.
We’ll discuss the difference between a budget and a cash flow prediction and how to utilize each.
You’ll learn how to create a budget when your income is irregular and how to create a structure within your budget. Plus, we’ll discuss why you should create a reserve and a contingency plan in the event of unexpected expenses or changes in your business.
This episode is for you if:
- You’re feeling overwhelmed with creating a budget for your business and need practical strategies to make a budget that actually works.
- You’re wondering how to manage your cash flow and you need tools that can make your life easier.
- You’re feeling uneasy about making a budget with an irregular income and need practical tips to create structure within your budget.
- You’re nervous about how you’re going to handle an unexpected expense and you need to know how to create a plan to avoid a future problem.
Links Mentioned + Other Helpful Resources
- Check out the You Can Do This course
- Grab your Cash Flow Planning Tool and other free resources
- Schedule a mentoring call with Beth
- Check out other Money Mindset podcast episodes
- Find information regarding small business taxes
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