Enterprise Edge | Economic Snapshot 2016

Economic Snapshot 

What to Expect from Our Local and State Economy

Guest Speaker
 
Tatiana Bailey, Ph.D.
Director, Southern Colorado Economic Forum

 

What We’ll Discuss:  
  • National Economy Overview- Major Indicators & What They Mean 
  • Residential and Commercial Real Estate Markets
  • What Sectors Are Growing in Our Region
  • Specific Job Openings in the Colorado Springs MSA
  • The National and Local Labor Markets
  • Forum Sneak Preview: Colorado Springs: Going for the Gold

 

  
Join us for the tenth year of one of our most popular sessions. We will preview the 20th Annual 
UCCS Economic Forum, which is October 14, 2016. Register for the forum at  http://www.uccseconomicforum.com/
 
 
Thursday, September 8, 2016
7:30 – 9:00 a.m.
Cheyenne Mountain Resort 
3225 Broadmoor Valley Road
Colorado Springs, CO 80906 

Economic Snapshot 

What to Expect from Our Local and State Economy

Guest Speaker
 
Tatiana Bailey, Ph.D.
Director, Southern Colorado Economic Forum

What We’ll Discuss:  

  • Overview of National Economic Indicators
  • Overview of State Economic Indicators
  • Regional Employment, Top Sectors, Wages and Income
  • Residential and Commercial Real Estate
  • Colorado Springs Cost of Living and Other Community Assets
  • Sneak Preview: Forum Theme on Workforce and the Skills Gap

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.

Thursday, August 27, 2015

7:30 – 9:00 a.m.

Cheyenne Mountain Resort 

3225 Broadmoor Valley Road

Colorado Springs, CO 80906

 

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!

What We’ll Discuss:

  • National Economic Indicators
  • Regional Employment, Wages and Income
  • Residential Housing and Construction
  • Commercial Markets
  • The Business Conditions Index (BCI)
  • Sneak Preview: Forum Theme on Entrepreneurship and Innovation

 

 

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

7:30 – 9:00 a.m.

BiggsKofford’s Office,

630 Southpointe Court, Suite 200

 

  

Best of Business 2014

A few voting directions: All ballots must include name, zip code and e-mail address. Ballots with votes in fewer than 25 categories will not be counted, and only one ballot per person.

Did my vote count?
All votes are tabulated when the ballot closes. If you change your mind and want to change your vote, you can return to this page and login to continue your voting at any time! The button next to your choice will turn green when selected.

Voting is open through May 16th!

Questions? Send us an email or call 719-579-9090.

Did you miss Fred Crowley’s presentation on the local economy last week?  Check out his presentation here!

Have you signed up for the Southern Colorado Economic Forum? Learn more here.

Austin Buckett

Austin Buckett

Manager

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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 process of reviewing any variances between budget and actual performance is much more important than setting the budget and seeing how close you came.  This review process will ensure you spend time ‘on’ your business and step back to consider what is happening to your business so you can make adjustments throughout the year and not miss opportunities.   
  • If a revised budget is necessary, make sure you keep an original budget in play, especially if it is tied to bonus plans or personal performance reviews.  The revised budget becomes the one that everyone uses for future operations only. 
  • If your budget is only slightly different than actual performance, leave the original budget in effect.  However, run ‘scenario’ budgets for your own benefit to determine a more likely result in case the original budget does not get back on track. 
  • Many events will occur during the year that impact your business, make sure these are considered and your budget is updated to account of these situations so you can be prepared for the resulting financial impact. 
  • Understand the reasons variances occurred before adjusting future targets?  For example, if revenue is up for the year but no one can point to specific reasons why, do not make an assumption that the trend will continue and adjust sales targets to a much higher level. Rather, reset the annual expectation to account for actual performance to date and leave the rest of the year at the original target. 
  • How do the variances in your budget compare to your Key Performance Indicators (KPIs)?  For example, if revenue is up but your number of customers has reduced, then you may be too reliant on a handful of customers to drive your growth.  Not that you would want to turn their business away but you would want to understand why other customers are not growing proportionately or why your customer base is shrinking.

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.