Emotional spending — especially on all those too-good-to-be-true tech tools and apps — distracts you from your budget, goals, and dreams.
Recently I talked about how to build a rock-solid foundation for a rock-solid business and why getting the basics of your business right is key to having a successful business. Today, we’re going to build on that foundation and discuss how to choose your projects without blowing your small business budget or your technology budget!
Over the years, budgets have somehow become the Debbie Downer of the business world. Many people think that if you have a budget you can’t have any fun — those people couldn’t be more wrong.
Budgets keep you focused on your goals and keep you on track to have the outcomes you desire.
This is especially true when it comes to technology. There’s always a shiny object out there that will try to entice you as a ‘fix-all-things’ solution. Make a note of it but stick to your budget and plan. We talk about it in the tech budgeting 101 podcast episode.
When we get stressed we tend to make impulse buys. A more positive, proactive solution is to track your challenges and develop possible solutions over time. It helps you reduce the risk of making expensive, rash decisions.
I personally like to think of my budget as the Fairy Godmother of my business because it grants me my wishes.
Be proactive. Stay attuned to your business needs and develop solutions slowly. Being reactive causes rash decisions and overspending.
Your Budget is your Fairy Godmother. Listen to Her.
If you want to have a Fairy Godmother budget, the first thing you have to do is choose to respect it.
Categorize your dollars at the beginning of each year and decide how much you want to allocate to your technology, subscriptions, and business solutions.
Make these decisions based on the plans you have for your business and be sure those plans are built around the foundation of your business. Then, stick to those spending categories and allocations no matter what enticing “shiny” offers come your way.
When you stick to a small business budget (and especially a technology budget) you will be surprised at how much more focused and accomplished you feel at the end of the year.