{"id":73,"date":"2013-02-02T21:46:10","date_gmt":"2013-02-02T21:46:10","guid":{"rendered":"http:\/\/cp1.cpasitesolutions.com\/~reicinpo\/wordpress\/?p=73"},"modified":"2013-02-02T21:46:10","modified_gmt":"2013-02-02T21:46:10","slug":"setting-2013-goals-and-budgeting-to-meet-them","status":"publish","type":"post","link":"https:\/\/bronswick.com\/2021\/2013\/02\/02\/setting-2013-goals-and-budgeting-to-meet-them\/","title":{"rendered":"Setting 2013 Goals and Budgeting to Meet Them"},"content":{"rendered":"

Setting Goals and Budgeting to Meet Them\u00a0– By Jeffrey D. Bronswick, CPA, MBA<\/strong><\/p>\n

Do you have your 2013 goals and budgets set yet?\u00a0 Many companies do but others have found that the day to day activities of running and working in their businesses have gotten in their way.\u00a0 It’s not too late.\u00a0 So whether you haven’t done this already or you need to do some fine tuning, here are a few tips that will keep you on the right path.<\/p>\n

What you should take away from this blog is:<\/strong><\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>Set goals<\/strong><\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>Have a budget<\/strong><\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>Hold your employees accountable<\/strong><\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>Be profit-driven!<\/strong><\/p>\n

What you need to do to get there:<\/strong><\/p>\n

Accounting information and controls<\/span><\/strong><\/p>\n

Without good information, you cannot make good decisions.\u00a0 Make sure your accounting is accurate, timely and enables you to drill down for details when necessary.\u00a0 You will have a better understanding of the financials side of your business so you have less surprises and more control.\u00a0 Also, you need good financial controls and processes in order to minimize mistakes, avoid being taken advantage of, and to maximize profits.<\/p>\n

Sales<\/span><\/strong><\/p>\n

Sales goals should be consistent with the type of sales in your overall marketing\/business strategy.\u00a0 The goals should be specific:\u00a0 be able to identify who, what, when, where and how.\u00a0 Hold your sales staff accountable.\u00a0 Don’t let them tell you how much they can sell.\u00a0 You need to tell them.\u00a0 You\/management sets pricing and terms.\u00a0 Any price concessions must require your\/management approval.\u00a0 Monitor sales people frequently.\u00a0 And, of course, reward those that meet or exceed the goals you set.<\/p>\n

Gross margins<\/span><\/strong><\/p>\n

Negotiate costs and terms with vendors.\u00a0 Set goals for operational efficiencies.\u00a0 Reward those in charge of costs for lowering costs while maintaining\/increasing quality of your product or service.<\/p>\n

Selling, general and administrative expenses<\/span><\/strong><\/p>\n

What does the company really need to drive a successful business?\u00a0 Hold your employees accountable for the performance of the business, control of costs and productivity.\u00a0 Set goals for them and train\/mentor them.<\/p>\n

Net profits<\/span><\/strong><\/p>\n

A business is formed to earn profit and increase the wealth of its owners.\u00a0 If a company isn’t profitable, it will ultimately fail.\u00a0 So management should be rewarded based on bottom line results and not on sales or gross margins.\u00a0 If the company doesn’t make a reasonable profit then management hasn’t earned an extra reward.<\/p>\n

ROI to investors (you \/your partners\/stockholders\/investors)<\/span><\/strong><\/p>\n

Ask yourself, why should someone buy or invest in this business?\u00a0 Make your business into something that a buyer or investor would covet.\u00a0 If you can do that, you are on the path to either make a lot of money with your business or sell your business for a large return.\u00a0 You win either way.\u00a0 However, this is where longer range plans (beyond one year) are needed.<\/p>\n

Until next time.<\/p>\n

Jeffrey Bronswick, CPA, MBA<\/em><\/strong><\/p>\n

\u00a0
\nDisclaimer<\/em><\/p>\n

The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use.\u00a0 In no event will BRP, or its partners, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this Blog or for any consequential, special or similar damages, even if advised of the possibility of such damages.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Setting Goals and Budgeting to Meet Them\u00a0– By Jeffrey D. Bronswick, CPA, MBA Do you have your 2013 goals and budgets set yet?\u00a0 Many companies do but others have found that the day to day activities of running and working in their businesses have gotten in their way.\u00a0 It’s not too late.\u00a0 So whether you […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-73","post","type-post","status-publish","format-standard","hentry","category-blog","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/73","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/comments?post=73"}],"version-history":[{"count":0,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/73\/revisions"}],"wp:attachment":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/media?parent=73"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/categories?post=73"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/tags?post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}