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Budgeting Stratgy

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Kimmie Champlin

The document provides guidance on creating an effective budget in 4 parts: 1) Estimate revenue streams conservatively and current cash. 2) Determine priorities and allocate funds across expenses like recruitment, events based on priorities. 3) Ensure the budget is balanced each month and cuts can be made if needed. 4) Track actual revenues and expenses monthly to evaluate performance against the budget and make adjustments.

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Budgeting Stratgy
Why Budget?
A different view of ²ú³Ü»å²µ±ð³Ù¾±²Ô²µ¡­
What does your LC Value?
What does your LC focus on?
How can that reflect in your budget?
Budgets should reflect Values
Budgets should reflect Focus
Budgets should tell a Story
Making a Budget, part 1 0 Look at your revenue streams 0 Exchange 0 Dues 0 Sponsorships and Grants 0 Calculate the LCs¡¯ revenue from each of these sources 0 BE REALISTICALLY CONSERVATIVE 0 It¡¯s always better to over-perform your budget, and dangerous to under-perform
Making a Budget, part 2 0 Find how much money you currently have 0 Determine how much you¡¯re willing to spend (you shouldn¡¯t spend everything) 0 Determine your LCs¡¯ priorities and values 0 Allocate how much investment you¡¯re willing to make in each priority
Making a Budget, part 3 0 Look at your annual expenses (Investments) 0 Recruitments (Member and EP) 0 R&R, conference subsidies 0 OGX and ICX 0 Marketing 0 EwA Based on your priorities, allocate how much money you¡¯re willing to spend toward each of these expenses 0 Divide all of your expenses and how much you intend to spend into specific months
Making a Budget, part 4 0 Test your budget 0 Do you have a positive balance at the end of every month? 0 If all of your investments fail, will you still have money? 0 If you generate no revenue, what expenses will you cut?
Tracking the Budget 0 Keep a record of all the revenues and expenses that SHOULD be in your MC-managed LC account 0 Look at what your LC actually earned and spent to see how you¡¯re performing against your predicted budget 0 Use this opportunity to re-plan if needed 0 Kimmie does this monthly or at each point when a massive expense comes up
ROI If I invest in something, how can I make sure I get something out of it?
ROI If I invest in something, how can I make sure I get something out of it? To Be Covered Later if Time Allows

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Budgeting Stratgy

  • 3. A different view of ²ú³Ü»å²µ±ð³Ù¾±²Ô²µ¡­
  • 5. What does your LC focus on?
  • 6. How can that reflect in your budget?
  • 10. Making a Budget, part 1 0 Look at your revenue streams 0 Exchange 0 Dues 0 Sponsorships and Grants 0 Calculate the LCs¡¯ revenue from each of these sources 0 BE REALISTICALLY CONSERVATIVE 0 It¡¯s always better to over-perform your budget, and dangerous to under-perform
  • 11. Making a Budget, part 2 0 Find how much money you currently have 0 Determine how much you¡¯re willing to spend (you shouldn¡¯t spend everything) 0 Determine your LCs¡¯ priorities and values 0 Allocate how much investment you¡¯re willing to make in each priority
  • 12. Making a Budget, part 3 0 Look at your annual expenses (Investments) 0 Recruitments (Member and EP) 0 R&R, conference subsidies 0 OGX and ICX 0 Marketing 0 EwA Based on your priorities, allocate how much money you¡¯re willing to spend toward each of these expenses 0 Divide all of your expenses and how much you intend to spend into specific months
  • 13. Making a Budget, part 4 0 Test your budget 0 Do you have a positive balance at the end of every month? 0 If all of your investments fail, will you still have money? 0 If you generate no revenue, what expenses will you cut?
  • 14. Tracking the Budget 0 Keep a record of all the revenues and expenses that SHOULD be in your MC-managed LC account 0 Look at what your LC actually earned and spent to see how you¡¯re performing against your predicted budget 0 Use this opportunity to re-plan if needed 0 Kimmie does this monthly or at each point when a massive expense comes up
  • 15. ROI If I invest in something, how can I make sure I get something out of it?
  • 16. ROI If I invest in something, how can I make sure I get something out of it? To Be Covered Later if Time Allows

Editor's Notes

  1. We should be able to look at a budget and see, for example: If LC Bedford invested in very professional marketing materials, they perhaps value professionalism If LC Bedford invested in subsidizing delegate fees so their members could go to conferences, they perhaps value member development
  2. We should be able to look at a budget and see what they focus on: If LC Bedford spends 10% of their expenses on OGX, 20% on TM, 30% on MaC, and 40% on ICX, they perhaps are focusing on developing ICX within the LC In other words ¨C Invest in the areas that you need to improve.
  3. Budgets should be broken down month-by-month. If we look at a budget, we should be able to see what part of the year has the highest expenses, the highest revenues, the biggest need for member development, the biggest investments in recruitment, etc. They need to be broken down into timelines