Four areas to evaluate in your business budget

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As a business owner, it’s a good idea to take a look at your budget and reflect on where your priorities lie. By paying attention to how your spending over the past few years has affected your business, you can evaluate what helped you achieve your goals and what didn’t.

Looking back at what was a success and not so much of a success can help your business predict upcoming trends, which you can use to plan your budget for the coming year.

Here are some key areas to evaluate in your budget, so you can determine whether you need to spend more in these areas.

1. Technology

Over the past few years, this business area has definitely had the most growth and it’ll only continue to grow as the years go by. It is so important to prioritise implementing forms of technology in your business. Take working from home as evidence of technology’s importance – technology made it possible for employees to work remotely, and stay connected during the pandemic.

If your business is enabling remote work this year onwards, you’ll need to make sure you’ve got the proper systems and equipment in place, such as document storage, redundancies, cybersecurity and anything else the law might require of you.

Make sure everyone on your team has access to the equipment they’ll need, and knows how to use it so your business can reap the benefits of using technology.

2. Human Resources

With virtual work comes access to employees from across the globe. Geography is no longer a barrier when it comes to hiring skilled employees, at least not in companies that use remote work.

Having teams from across your country and around the globe is an incredible opportunity, but you need to make sure you understand the various rules and regulations that your employees and their geographical locations are governed by. They will most likely have different laws regarding payroll requirements and benefits plans, and there may even be rules about how you can hire and fire employees.

Make sure you understand whose employment laws govern the work they’re doing for you, and then be certain you take the necessary steps to follow those laws.

3. Automated systems

There are many activities involved in running your own business. Some need your time and attention. Others can be shifted to automated systems, freeing you up for more vital tasks.

Before you budget for automated systems, take a look at the activities you regularly carry out. Even those that only take a few minutes a day. Chances are they can be automated.

Online invoicing systems are a great way to ease the work load as they make it easy to send invoices, decrease debtor days and follow up with people who haven’t paid you, all with the click of a button.

Customer Relationship Management software (CRM) is a beneficial tool too, as it enables you to track leads as they move through your sales funnel and become your customers. Another example is project management software that lets you manage your projects from your smartphone, no matter where the jobsite is.

Most of these automated systems also produce comprehensive reports so you can gain valuable insights into your business processes. Why not prioritise automated systems in your budget – it’ll be a big help!

4. Consultants

You don’t have to be an expert in every aspect of your business. If there are areas you aren’t certain of, or want to learn more about, you can hire outside parties to guide your decision-making. Consultants can help you with managing your business, evolving your career, building your relationships, and even marketing your goods and services.

Consultants provide an external and unbiased perspective on your business too. Because they’re experts in their field, they have insights into what other companies are doing and, what has and hasn’t worked. They can also help you anticipate and plan for upcoming challenges.

Now, it is time to examine these four key areas in your business to determine whether it’s worth spending more on them in 2023, as you grow your business.

For business advice, contact your Aintree Group consultant today – we are happy to help!