Welcome to the new year! I hope it has been treating you well so far. I also hope you’ve thought about what goals you have and what you’d like to achieve this year. I don’t know about you, but I have two pages worth of goals for this coming year. I’m a little worried about having such high ambitions and lofty goals for the year ahead. I’m currently in the middle of writing out of a detailed plan so I can achieve them. One of my goals for this year is to get better about business budgeting. I know it’s so important, and yet, it’s my least favorite monthly task. A budget tells my hard earned money what to do. This is so necessary for a successful business. Otherwise, it’s too easy to blow my money on marketing and advertising when I could be using my money on educational courses or networking.
Wedding Planner Business Budget
This year though I’m turning over a new leaf and I hope you’ll also join me on this quest. At the very least it will help you realize where you spent your money this year and make you wondering if these investments are worth the payout. I know this is topic is not as poplar as “Styled Shoot Designs” or “Booking More Brides” but it is vital to the health of your company. So, let’s do this!
First things first, we need to get organized. Are you using a bookkeeping program like Freshbooks or Quickbooks? Hopefully you’ve been tacking your sales, expenses and categorizing them monthly. If you’ve done this, you can print out your Profit and Loss Sheet for the past year. If you have no idea what I’m talking about, then it’s time to start thinking about how you want start keeping track of your finances. For now though, start going through your bank statements and categorizes your different types of expenses. If you looking for more guidance on wedding planner business finances, become a student of the Launch Your Wedding Biz Masterclass.
Go through your profit and loss sheet from last year
When it comes to your wedding planner business budget, your Profit and Loss sheet is key. You’ll know what to go through it line by line and look at what was a necessary expense and what was not. You might realize that you spent too much money on advertising or too much on treating yourself to coffee. Whatever the expense make sure it was a good investment for your company. Do you have a subscription to something you’re not really using? This is the time to ask yourself these financially sound questions.
Updating Your New Wedding Planner Business Budget
Now that you have a good idea what you spent your money on last year, think about what you’d like to take out and what you’d like to put in. Do you want to spend money on going to a conference or taking a course? How about hiring a wedding planner coach or mentor? This is the stage where you need to do some research and plan your future budget with your new goals in mind. Cut out the fat and get financially lean!
It’s easy to get motivated early in the year, but to have a really healthy wedding planner business, it’s important you took at your fiances bi-weekly. I know we hate printing paper, but I suggest printing your profit and loss sheet out a few days into the new month (due to charges that happen toward the end of the month) and go though it with a fine comb. This little step will help you stay focused on your big new goals for the coming year.