Economic SnapshotWhat to Expect from Our Local and State Economy |
Guest Speaker
![]() Tatiana Bailey, Ph.D.
Director, Southern Colorado Economic Forum
|
Economic SnapshotWhat to Expect from Our Local and State Economy |
Guest Speaker
![]() Tatiana Bailey, Ph.D.
Director, Southern Colorado Economic Forum
|
Economic SnapshotWhat to Expect from Our Local and State Economy |
Guest Speaker
![]() Tatiana Bailey, Ph.D.
Director, Southern Colorado Economic Forum
What We’ll Discuss:
Join us for the ninth year of one of our most popular sessions. We will preview the 19th Annual Southern Colorado Economic Forum, which is October 23, 2015. Register for the forum at www.southerncoloradoeconomicforum.com. |
Economic Snapshot What to Expect from Our Local Economy |
Guest Speakers
![]() ![]() ![]() Join us in welcoming Dr. Bailey to Colorado Springs! She is taking over as Director of the Economic Forum for Fred Crowley and Tom Zwirlein as the area’s new economist!
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What We’ll Discuss:
Join us for the eighth year of one of our most popular sessions. We will preview the 18th Annual Southern Colorado Economic Forum, which is October 10, 2014. Register for the forum at www.southerncoloradoeconomicforum.com.
Wednesday, August 27, 2014 |
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Austin BuckettManager |
Right now, we are well into the second quarter of the year. Have you evaluated your Q1 performance against your original budget? The budget process should be an ongoing event, not a once-a-year chore. To make the most of your budget process, an evaluation should be made at least quarterly to determine if the budget that was created originally needs updating to remain relevant and useful.
Failing to update a budget appropriately, especially when large difference accumulate during the year, will normally result in negative consequences. As an example, exceeding a budget significantly can lead to complacency (especially among sales teams) and not fulfilling your company’s potential for the year. On the flip side, not adjusting a budget to reflect some reduced performance can lead to bad morale and a self-fulfilling prophecy until a new year comes around.
Here are some things to consider when comparing your actual performance to your budget and possibly making changes for the remainder of the year:
The overall objectives of budgets are to motivate your team and minimize financial surprises. You want to make sure your budgets remain achievable and realistic throughout the year, striking the right balance between optimizing your company’s performance and keeping your employees motivated. Careful review of your budget vs. actual performance on a quarterly basis will ensure you accomplish this and drive your business forward.
For questions, contact Austin Buckett here.