You need to control your cash and dictate how your funds are managed instead of your cash controlling you. In this episode, Donna Febus. MA, of Temple Executive Coaching, demonstrates how some trends are good and need to be sustained, and some could be catastrophic and ruin your business. You need to be able to spot them, root them out before they take hold of your business. We show how to prepare a budget using your own historical data. Having at least 3 years of historical data to spot trends in your business would be ideal to gain an understanding of how your funds have been utilized. Every month you need to run a budget to actual report. You should then look at what was budgeted and what actually happened. If there are any drastic differences, you should be asking why. Not only “why did we go way over”, but “why were we drastically under”? You never know what you will find through this process. Who knows, you might find a bigamist when digging through your budget!

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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