{"id":9504,"date":"2022-04-18T11:14:07","date_gmt":"2022-04-18T17:14:07","guid":{"rendered":"https:\/\/www.englandlogistics.com\/?p=9504"},"modified":"2022-10-21T08:09:05","modified_gmt":"2022-10-21T14:09:05","slug":"5-tips-to-create-budget","status":"publish","type":"post","link":"https:\/\/www.englandlogistics.com\/5-tips-to-create-budget\/","title":{"rendered":"5 Tips to Create a Budget"},"content":{"rendered":"
One of the essential tools in any business owner\u2019s arsenal is their budget. A budget will allow you to set and achieve your goals and compensate for any losses. This is especially true when you\u2019re in the often-volatile transportation business.<\/p>\n
A budget can seem overwhelming, but it is simple and easy to start. Create a simple 50\/30\/20 budget<\/a>.<\/p>\n You spend roughly 50% of your after-tax dollars on payroll, equipment, repairs, maintenance, etc. No more than 30% on wants such as new office equipment. Then, 20% on savings and any debt repayment.<\/p>\n This plan is simple, and if followed, the result will be manageable debt, room to grow your business, and savings to pay for any unexpected expenses.<\/p>\n <\/p>\n Now that you have a budget model in place, creating and maintaining a budget can be done in five simple steps: <\/p>\n Categorizing your costs into fixed versus variable costs is important when reviewing your budget. Fixed costs are those that will stay constant month after month. These are items such as your truck insurance premium, trailer, and truck payments, health insurance, license plates, and permits.<\/p>\n Your variable costs will be those that vary depending on your business fluctuations. For instance, depending on how much you drive and what routes you take, your fuel costs, tolls, food expenses, phone, and repairs are all examples of variable costs.<\/p>\n Another essential variable often not recognized is your open accounts receivable and uncollected invoices. It is necessary to review your budget and make sure you have your costs in the correct category of fixed versus variable.<\/p>\n The key to a budget is to accurately set your income and expenses, hold yourself accountable to the budget, and monitor it daily. This way, you can see progress, revisit, and restructure your budget if needed, and set goals that you will be able to reach to help grow your business!<\/p>\n <\/p>\n \u2014<\/p>\n The\u00a0<\/em>England Carrier Services (ECS) division<\/em><\/a>\u00a0offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" One of the essential tools in any business owner\u2019s arsenal is their budget. A budget will allow you to set and achieve your goals and compensate for any losses. This is especially true when you\u2019re in the often-volatile transportation business. A budget can seem overwhelming, but it is simple and easy to start. Create a… Read more »<\/a><\/p>\n","protected":false},"author":3,"featured_media":9506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"libsyn-item-id":0,"libsyn-show-id":0,"libsyn-post-error":"","libsyn-post-error_post-type":"","libsyn-post-error_post-permissions":"","libsyn-post-error_api":"","playlist-podcast-url":"","libsyn-episode-thumbnail":"","libsyn-episode-widescreen_image":"","libsyn-episode-blog_image":"","libsyn-episode-background_image":"","libsyn-post-episode-category-selection":"","libsyn-post-episode-player_use_thumbnail":"","libsyn-post-episode-player_use_theme":"","libsyn-post-episode-player_height":"","libsyn-post-episode-player_width":"","libsyn-post-episode-player_placement":"","libsyn-post-episode-player_use_download_link":"","libsyn-post-episode-player_use_download_link_text":"","libsyn-post-episode-player_custom_color":"","libsyn-post-episode-itunes-explicit":"","libsyn-post-episode":"","libsyn-post-episode-update-id3":"","libsyn-post-episode-release-date":"","libsyn-post-episode-simple-download":"","libsyn-release-date":"","libsyn-post-update-release-date":"","libsyn-is_draft":"","libsyn-new-media-media":"","libsyn-post-episode-subtitle":"","libsyn-new-media-image":"","libsyn-post-episode-keywords":"","libsyn-post-itunes":"","libsyn-post-episode-itunes-episode-number":"","libsyn-post-episode-itunes-season-number":"","libsyn-post-episode-itunes-episode-type":"","libsyn-post-episode-itunes-episode-title":"","libsyn-post-episode-itunes-episode-author":"","libsyn-destination-releases":"","libsyn-post-episode-advanced-destination-form-data":"","libsyn-post-episode-advanced-destination-form-data-enabled":"","libsyn-post-episode-advanced-destination-form-data-input-enabled":false,"libsyn-post-episode-premium_state":"","libsyn-episode-shortcode":"","libsyn-episode-embedurl":"","footnotes":""},"categories":[5603,377],"tags":[],"yoast_head":"\n5 tips to create a budget<\/h4>\n
\n <\/p>\n\n
Bonus tip: Categorize your costs<\/h4>\n