When you own a business--any business--what you don't know can really hurt you. This is why successful business owners estimate their expenses and cash inflows and review their budget on a regular basis. In this course, I'll provide you with a simple budgeting template (.xls) and walk you through how to use it step-by-step, so that you can create and maintain a budget for your business.
Along the way, I'll help you understand the difference among fixed, variable, and discretionary expenses and techniques for estimating your future cash inflows. We'll take a look at your sales funnel, and I'll provide you with a simple tool that you can use to gauge the value of your funnel. Loads of videos, mashups, and screencasts to support you along the way.
This course is for new business owners and folks thinking about starting a business. I designed it primarily for consulting businesses, but budgeting really applies to any business.
If you want to take your business seriously, take this course and start wrapping your head around your finances. You'll be glad you did. As your business grows, so does your financial risk, so start building good financial habits early and you'll be fine.
Welcome to How to Create Your Business Budget! In this course, you'll learn how to address the question: what is the nut you need to crack? Here I'll introduce you to the budgeting template. Remember to download it, along with the course workbook.
If you're starting a new business, check out this lecture and brainstorm what sorts of expenses you'll be incurring as you get going. If you like, download and save the course workbook.
Here I'll walk you through the Business Budget template just to orient you to how it's set up and how it works. Remember to download the file.
In this lecture, I use a screencast to demonstrate how to create your optimistic budget.
Continuation of the screencast for the optimistic budget.
Your budget isn't complete unless you're estimating revenue as well as expenses. Here I demonstrate how to fill in the revenue section of the budget.
Here are some suggested ways you can estimate your revenues.
Here I describe what a typical sales funnel looks like in a consulting practice.
Here I provide a Sales Funnel template (.xls) that you can download and walk you through how to use it.
In this screencast, I demonstrate how to create your conservative budget.
Continuation of the screencast for Budget B.
Answer a few questions to check your knowledge and reinforce the key concepts you've learned.
Now you're ready to apply what you've learned to your own business' budget. Work with your business partner(s) to take stock of your expenses and estimate your inflows. Post your questions, reflections, and insights. I'd love to hear from you!
Here I describe the overall Pricing Your Services roadmap and what could be a next step in your journey.
Here's a coupon to help you continue your journey.
Gus has run his own talent development consulting practice for over 20 years and has worked with hundreds of client organizations ranging from pharmaceutical and consumer healthcare product companies to brokerage, banks, and insurance companies, from IT startups to long-established telecommunications service providers as well as law firms, retailers, hospital systems, and chemical manufacturers. His proposals have won—and lost—multi-million dollar deals as well as much smaller ones.
He has earned a PhD in Education with a minor in Leadership, an MBA, and a BS in Marketing as well as a Certified Performance Technologist designation. He has taught Masters-level elearning design courses and frequently delivers live and virtual workshops for leaders at all levels. He regularly presents at industry conferences and is a recognized thought leader in the talent development industry. His passion, though, is mentoring colleagues and fellow consultants as they launch and expand their businesses. Over the years, he has counseled hundreds of business consultants and budding entrepreneurs.