Join Jim Stice for an in-depth discussion in this video Drafting a budget, part of Finance for Non-Financial Managers.
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- Nobody likes to talk about budgeting…especially individuals who consider themselves…non-numbers people.…Budgeting is for the accounts to do and to worry about.…Let the people who are good with the numbers…worry about the numbers.…Let them worry about budgeting.…Well, that's one way to think about it.…Another way to think about it is this,…those who demonstrate that they are good stewards…over a few things will typically be given the opportunity…to grow and develop to become good stewards…over many things.…As we said in a previous module, cash is the lifeblood…of a business.…
Individuals who are good stewards over the lifeblood…of the business are valuable…and will generally be given more responsible opportunities.…So let's talk about budgeting.…Step one when it comes to budgeting is to…write your budget down.…Another way to think about a budget is just to think of it…as a plan, a map.…And the plan needs to be in writing.…How will you know if you achieved your plan…if it's not written down.…Now there are various types of budgets.…
- Interpret financial reports and make decisions based on available data
- Manage inventory and receivables
- Create an accurate budget
- Cost a product or service
- Analyze customers
- Understand your income taxes
- Communicate your contribution to the bottom line
Skill Level Appropriate for all
1. Understanding Finance and Accounting
2. Most Common Financial Reports
3. Techniques for Using Financial Reports
4. Short-Term Financial Management
5. Costing a Product or Service
Drafting a budget4m 59s
7. Income Taxes
Next steps1m 38s
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