The stock market seems to be awfully confused. It is up one day only to crash the next. No country seems to be beyond the mayhem. Retail stock investors and small business people are pitiful victims. Wall Street has Washington. Regulators all over the world are at the beck and calls of big business. All main street gets are mouthfuls of nice-sounding words.
You are not alone. It does not matter if you are a novice at stock market trading. Your tiny business can grow regardless of what the TV anchors may say about the economy as a whole. How can you beat the general trend? Stay with this page to climb business rankings. Find ideas to take your business to a whole new plane. Remember that you can always post below or send me an email at drsbanerji@gmail.com for custom advice and help.
Let us take a first step today. Start using a Budget to steer course through stormy market waters. Do you have a Budget or know how to make one? Share your planning process with others, and take a look at mine as well. A budget process can be fun and useful at the same time.
The first part of a budget is to scan the environment. You need to take stock of your customers and where your business is headed. You have to project what could happen in future, and prepare for it from now. The future is never certain, hence a budget has to deal with ranges rather than with single and definitive numbers.
Environment scanning involves consultations with domain experts. These people are often academicians, working on technologies that could succeed tomorrow. Researchers, teachers, and authorities in the fields that affect your business are best placed when it comes to making educated guesses about everything that the future holds.
A budget is also a great place to state objectives. These are not vague desiires, but wholesome descriptions of what a business should achieve. Budget objectives should cover market shares and profitability targets as well. Objectives are not limited to crass commercial considerations. Objectives about image and social responsibilities are just as important as those for growth and profits.
Finally, a profit and loss statement is not enough for a budget. You need assumptions, activity targets, and contingency plans if something goes wrong. A budget serves as a life-raft when a business encounters choppy waters as we find in the stock market of today.
I would love to make a budget with you, and learn how you budget at the same time. Let's get started.
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