Track all your assumptions in your budget projections — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Every budget has built-in assumptions. Savvy managers document these assumptions as they go, testing them against last year’s numbers when possible. Example: If you assume a 10 percent employee turnover or a 25 percent reduction in the use of temps, list these items alongside your budget projections. Compare them to last year’s results to evaluate whether they’re realistic, and make adjustments based on evidence. Tracking your assumptions as you go works better than going back later and trying to play catch-up, especially if you’re suddenly asked to explain your budget.
Businesses of ALL shapes and sizes are being forced to pay out big bucks for misclassifying employees and failing to pay proper overtime. Is your company vulnerable? Department of Labor officials estimate that more than 70% of employers are out of compliance with the Fair Labor Standards Act (FLSA)!...Click here to find out more.