BUDGETING:
Plan & Control Your Resources
By: Glenn Gallas
I t is hard to believe that another Dwyer Group® Reunion is in the history books. This one was truly one that was unbelievably successful. Everything seemed to be in sync from the first hello to the last goodbye. Every time I attend I personally learn something new from one of our incredible franchisees and this time was no exception. In addition to getting to spend time with many of you, we had the opportunity to learn more about our business finances through Mike Whitlock. Mike did an incredible job teaching all of us in a way that we all could understand. One of the important lessons he taught us was about contribution margin; how to calculate it and how to use it in making the financial decisions that affect the stability and profitability of your businesses. Everyone who attended received a handout containing the easy to use formulas and processes to apply contribution margin when making financial decisions. The attendees also received a USB drive containing his valuable lessons. If you were unable to attend be sure to reach out to your Franchise Consultant for a copy of your very own. Now that Reunion is over, it is time to begin your
annual budgeting process. If you have not begun already or need help, please be sure to reach out to your Franchise Consultant. Budgeting is the foundation for all business success. Budgets help with both planning and control of the organization's financial resources. Business planning requires making decisions about strategy and determining business priorities. Controlling ensures that plans and objectives are achieved through management of the implementation process. If there is no control over spending, planning is futile, and if there is no planning, there are no business objectives to achieve. You have tools to simplify the budgeting process within QuickBooks and assistance in Qvinci. Use these tools to make your financial planning simple and less burdensome. Once your budget process is complete, it is then time to adjust your pricing through the utilization of the Menu Pricing Factor Calculator. Failing to charge right for the services you provide is the shortest route to business failure. Do not make the mistake that many small businesses make by not charging right and, in turn, not making the fair profit they deserve. Happy Budgeting!
“If there is no control over spending, planning is futile, and if there is no planning, there are no business objectives to achieve.”
PIPELINE® | EDITION 2 2017 7
Made with FlippingBook - Online magazine maker