Budget for Success

Check out our budgeting checklist

It's the beginning of a new year, and that usually means taking a new outlook or new approach to life. It also means taking a good look at your business as you start a new fiscal year. Budgeting is one of the challenges we face, and in an unpredictable economy, it becomes even more challenging.

A budget is an important component for the success of your business, but it can be a daunting task. Here are a few tips to streamline the budget-creation process.

1. Use previous records to help you get an idea of what amounts and categories to use, or look over all your expenses from last year; categorize them by type and month.
2. Start simple with only a few categories, like salaries and wages, rent, utilities, internet and phone services, materials.
3. Review sales trends from previous years to help predict current year sales.
4. Update and review the budget monthly; add categories as needed.
5. Keep a detailed account of expenses and revenues that can be easily monitored and updated.

When you've successfully created a master budget, you can then begin to break up large categories and create budgets for specific items. You may want to create budgets and sales goals for particular products, and you'll certainly want to delve into your marketing and promotion budget.

Often, businesses cut their marketing budgets in a tight economy, but in reality, they need that marketing to grow their business. It's wise to invest in proven marketing tactics, but how much? A general rule of thumb is 1-10% of sales, taking into account how well known your company is and how much you can truly afford to spend. Here are some tips for creating an effective marketing budget.

1. Know your customers and identify where and how you can reach them. Do your customers work indoors and have access to a computer all day? If so, budget for online marketing. If your customers spend their time outside or away from the computer, budget for tangible marketing like signs or car graphics.
2. Determine which trade shows and conferences you'll be attending. Budget for travel expenses, displays, handouts, nametags and business cards.
3. Determine what materials are needed for sales pitches and customer relations – brochures, newsletters, office appearance, samples of work.
4. Research the costs of each medium and distribute the budget according to importance and effectiveness.
5. Plan and budget for the whole year. Monitor expenditures regularly; update as needed.

Make good use of software like Excel, Access, Quicken or Centage. There are also many free online finance tools like Mint, moneytrackin', Quicken Online, or Billing Boss.

Don’t Miss the Deadline for Signs of Support!

The application deadline for Signs of Support is January 31st and will be here before you know it. You only have a few short weeks to take advantage of this wonderful program.

The Signs of Support grant program was designed with the community and organizations that do great work within it in mind. Signs of Support aims to support groups' missions through replacement or creation of effective, affordable signage. Through Signs of Support, Louisville non-profit and charitable organizations can apply for free or discounted signage and/or services.

Last year, the program awarded 20 area non-profit organizations free or discounted signage or services. Among the recipients were: Bernheim Forest, Big Brothers Big Sisters, League of Women Voters, NOW Louisville, Paws with Purpose, Spina Bifida of Kentucky, and Westport Middle School.

The types of projects that have been supported through Signs of Support include:

• Vehicle graphics
• Identification signs
• Room signs
• Banners and yard signs
• Design and planning services

Applications are due JANUARY 31st. We want to help you succeed, so the Signs of Support application right now.

"We do that"

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