4 Quick Budgeting Tips

4 Quick Budgeting Tips.  Don’t worry. Budgeting season isn’t here yet, you still have time. But we all know what it is like when we push things off thinking time will slow down. It never does, does it?! That’s why 9DOTS is going to ease you in. Today we are starting with some quick budgeting & forecasting tips for businesses from thought leaders & CEOs. For some more detailed Rolling Forecasting Benefits, this is a great, short animated video. 

4 Tips to Implement Today

  1. Be Positive: Easier said than done, we know. But this was a tip on many thought leader’s lists. It is not the most tangible tip, but an important one to start this short, but impactful list. If you spend half of the year dreading budgeting season, stressing over spreadsheets and numbers, despising even going into work, shift your mindset. We know you aren’t going to suddenly love budgeting season. But if you put these following tips into place, everything will seem a bit simpler & you may not dread it too much. 
  1. Keep it Simple: Thought leaders at TrueSky say making your processes too complicated will overwhelm users, “If input leaders feel they are presented with too much data, the budgeting process quickly becomes overwhelming. Considering using a system: does everyone need to see every bit of data? Likely not. By limiting what data users have access to, help make sure they are only focusing on budgeting in the areas they need. This simplifies the process for all, in turn saving the amount of time spent on budgeting. 
  1. Know Your Organization: What kind of budget is best for your company? Think about your organization. Identify areas of improvement. Steve Jordan from Wipfli stresses understanding the risks of your organization and it’s industry, “There are different types of budgets. Some organizations have different financial performance measures. For example, if you operate in an industry that is significantly seasonal in nature, you will likely need to break down an annual budget to a quarterly or monthly approach. Regardless of which way to budget, everyone in your organization needs to be on the same page when it comes to goals.” 
  1. Utilize the Right Tools: EXCEL is OKAY: 89% of users use Excel for Budgeting, Planning & Forecasting. Keep the reliability of the work you do every single day. But recognize it’s limitationsIn tip #4, we talked about finding comfort in using Excel. It is okay to use the tools you are familiar with, especially when it is one that stands the the test of time like Excel spreadsheets. But how long does it take to chop down a tree with a dull blade? Excel is an excellent axe, with a dull blade. Sharpen it. Enhance it with a streamlined budgeting & forecasting software. Your budgeting season will be smoother & data collection simpler.  

Finally, if you start implementing these tips today, step one, “Be Positive” will start to feel a little bit easier. After that, the rest will all fall into place. If you are looking for a new budgeting solution, an improved plan, or interested in more information: check out this download on our budgeting & forecasting software. Or Contact Us, 9DOTS, using this form .