Time to plan our business budget for the new year
Teaching martial arts is amazing! Planning and budgeting are essential for business wellness and growth. It is easy to ignore or overlook simple things that cause unnecessary stress.
Have you ever got to the end of the year and found out that you owe twice as much in taxes than you saved? How about just forgetting about an automatic draft you set up?
Our team set 5 major goals to help us avoid pitfalls due to lack of planning and knowledge. Here is our list and the research on the first 3.
- Examine every expense and evaluate the return on investment.
- Identify and eliminate unnecessary expenses
- Do a better job planning for taxes
- Stay on top of our budget with minimum time expenditure
- Improved processes to control supply expenses
Examine every expense and evaluate the return on investment
- Is the expense necessary
- Shorten and simplify the sales process
- Look at tangible and intangible ROI
- What expenses do we need to shop for better rate or term
Some expenses jump off the page as out of line while others are easily overlooked. 11 Expenses Destroying Your Budget by "US News" allowed us to really look at our phone expenses and make some adjustments. "Business News Daily" also has a great article 10 Simple Ways to Cut Business Expenses. We found that a couple of our training sessions could be done by means of telecommunication thereby saving utility costs.
Do a better job planning for taxes
Roberg tax solutions published a great article I wish I would have read 29 years ago. Our growth over the last few years resulted in a large increase in tax liability. Prior to meeting with our CPA I decided some research would help me to ask more intelligent questions. "US News" proved to be a great resource. How to create a self employed budget was one of my favorite articles. It is packed with tons of useful tips that we plan to employ. 
The plan is to finish our budget tomorrow with some detailed action steps for a successful 2016. Feel free to share any useful tips you use in planning your business budgeting.
Tammie Lawrence is a 5th degree black belt and the Owner/ Master Instructor at Golden Tiger www.martialartsgt.comMartial Arts located in San Bernardino, CA. She has been teaching Marital Arts since 1987. Tammie is passionate about adding value to the community and enriching lives through the martial arts. You can learn more about her programs by visiting the website:
www.martialartsGT.com
