TOP 3 Reasons Business Owners Find It Hard to Budget
Ever wonder why budgeting is so difficult?
We aren't going to hold out on you and make you read this entire article to find out. These are the TOP 3 REASONS business owners find it so hard to stick to a budget: Impulsivity, Overwhelm, and Lack of Direction.
So there you have it. But honestly, we feel like a little context will go a long way.
Reason #1: Impulsivity
Let's just talk about this first one for a minute. Impulse control is not innate. It requires patience. And if you're growing a business, you are already building some form of patience. However, when it comes to spending, most of the time the edges of your patience don't reach this aspect of your business.
What you need when it comes to budgeting is ACTIVE patience - not passive patience; the “whatever the universe has in store for me will be” patience. Stone cold, hard to do, ACTIVE patience. The kind that you consciously have to think about.
So how are these so different? Having passive patience when you're a business owner means that you know if you don't put in the work, your business isn't going to make it. But you also know that waiting is part of the game. You aren't going to make 6-figures on your first day, your first week, or probably even in your first month. But you have faith, you keep steady and you have patience that hopefully within the first year, those 6-figure months are consistent.
But active patience takes more effort. It happens when you have goals and you put in the work to take steps towards those goals, but you know you have to instill patience into your day so you don't skip those steps and be thorough. Active patience requires discipline - the same discipline that needs to be put toward your budget.
It's hard to keep from impulse buying things for your business because you know you need to spend money to make money. But there is a difference between spending wisely and spending impulsively! The BOSS Business Budget was created to teach you the difference and promote wise spending habits, protective savings measures and increased revenue.
Reason #2: Overwhelm
When you decide to become a business owner, that decision comes with an immense amount of overwhelm already. Especially if you are working on your own, the number of different hats you may have to wear in a single day can make life exhausting and confusing. So how can we make sure that budgeting isn't falling into the realm of overwhelm like everything else?
The easiest way to eliminate this feeling is to educate yourself on the topic. Life is so much harder to navigate if you don't understand what is going on. It's not that you're incapable of doing the task, it's just that you're currently having a harder time navigating an effective way of completing the task.
That was our long-winded way of saying - learn how to do it so it's easier.
Beat those all-consuming thoughts, be vulnerable and honest with yourself and recognize when it is time to educate yourself on a topic at hand. In this case, it's budgeting. Getting a small business finance education can be a really simple way to make sure that you equip yourself with the knowledge of ensuring your business is financially stable - and with confidence!
Whether you're the owner of an affiliate marketing skincare organization, local retail store, or restaurant, you most likely are not a professional financial expert, yet you somehow take on the role of lead financial officer. So if you're going to continue to be in that role, the best thing to do is empower yourself. Get the education you need on business budgeting and get rid of the overwhelming feeling that is associated with budgeting!
To make things easier for you, we'll put the link to our BOSS Business Budget Crash Course right here in this article. We really have a passion for helping business owners like you take CONTROL of their businesses in order to help it thrive.
Reason #3: Lack of Direction
The last, but certainly not least, reason people find it so hard to budget is lack of direction.
When it comes to business budgeting, we get a lot of the same questions. “How do I find a way to budget that doesn't overwhelm me?” or, “How can I proactively budget without getting annihilated come tax time?”, or even, “How do I know if I can afford to hire someone to do my budgeting for me?”
And all of these questions are asked because there is a lack of education for business budgeting in today's day and age. We can find courses upon courses for building a social media brand, growing an email list, how to make Master Resell Rights (MRR) courses and the like. But where is the education on how to actually structure your budget to make sure you set your business up for financial success?
Having a sense of direction as to HOW to develop a good budget can lead to you knowing HOW to grow your business effectively! We also know that direction on HOW to develop a good budget isn't a set of one size fits all rules. If you want to see true success, you need to find a budget method that is customizable to fit YOUR industry, YOUR business, and ultimately YOUR goals!
You don't just need knowledge, but you need customized and led direction. Every business owner wants to succeed, but we at BOSS Solutions know that success doesn't look the same for every business. So our direction isn't cookie cutter either!
So if you feel like you struggle to keep a budget due to either impulse spending, feeling overwhelmed, or having a lack of direction - maybe even all three! - we are here to help. Click above to enter our BOSS Business Budget Crash Course. We will give you a copy of our eBook that shows you the reasons we budget the way we do, a digital, automated, and customizable BOSS Budget download so you can start implementing our budget into your business, AND a video instruction led course that walks you through how to implement the system the right way!
If you've been in search for a way to set up your budget, now is the time!
