Business Budgeting Tips #8 Three Questions You Need To Ask
You need to ask these three questions to be able to assess your results. These need to be asked to your team at least at the end of every month, and make sure you have your budgeting comparisons in hand when you ask the three following questions:
1. According to what we had planned and what our goal was, how have we been doing for the month compared to the budget? If the results are different than your goal and predictions, ask how or why that happened.
2. Whether this months result was great or bad, ask what we all need to do to make sure you get a better result in the following month. Also ask how it would be possible to avoid the negative differences in the last month and how to keep the positive ones.
3. What is it that we are learning, as a team, that can help us grow and make the next year’s budget even better?
Danny Wong always asks these three questions at the end of the month to make sure his custom dress shirt startup as well as his second dress shirt startup doesn’t fail by lack of budgeting. He also has a product review site for custom made goods as well.