Budgeting and Forecasting for Small Businesses
Week 6 of the Accelerator with Trish Fleming by Ray Hamilton
We just finished week 6 and are halfway through our accelerator program! Many of us are sad to see an amazing program come closer to an end, but I’m elated for what’s to come in these next few weeks.
This weeks session was all about one of the most important tasks that every business faces… FORECASTING & BUDGETING. Yep, it’s something we all have to do if we want to learn how to use our money wisely to successfully GROW our businesses. What a mind-blowing presentation given by the one and only Trish Flemming. Our goals for the session were to:
- Understand process of budgeting
- Understand relationship of research & budgeting
- Understand difference between fixed & variable costs
- Create projections
- Clearly communicate assumptions
What better way to accomplish these goals than to make everyone hungry? We started off by creating a hypothetical Grilled Cheese Food Truck business. What seemed like a very simple process actually turned into a highly impactful exercise that broke down the process of going about forecasting and budgeting. This allowed us to then perform a cost analysis on our own businesses, and communicate how our assumptions were going to lead us to success.
Yet another successful week added to the books, and I’m inspired to keep striving to make a difference in this world.
Go check out the video! https://www.facebook.com/EforAllLowellLawrence/videos/663358933844247/