Maybe you were recently promoted to a management role such as an executive, VP of a team, an office manager or just got roped into a special project at work. Now, you have to start thinking about budgeting. Perhaps you’ve done budgeting for your personal finances but nothing in the professional sphere. Revenue, profit, loss, balance sheets, yikes! Where should you start?
Let’s look briefly at a definition for those who are completely new to budgeting might benefit from a quick overview. A budget is a financial decision that many of us have thought about at least once in our lives. Not only are they applicable to individuals but businesses and governments as well. Budgeting the money that comes in and goes out every month and is a solid plan for managing your lifestyle. A plan for helping you stay on top of your income and expenses allows you to reach your financial goals faster and more efficiently.
Now that you understand what a budget is, how does this apply to your work-life? What terms do you need to master so you don’t look completely clueless in your next standup meeting?
We found a great resource on budgeting you can use to get started. This video and website should give you a firm foundation on what a budget is and all those buzzwords getting thrown about in business.
You can check out the full guide on budgeting and more here from Finance Strategists.