I recently read an article regarding the reasons people struggle to use most budgeting software. The author’s premise was that most software is too detailed and time consuming to keep up to date, so people give up on it.
While partially true, there are enough quick-and-easy options out there (like GrowthCast) that prove that there’s far more to the story. Here are some other reasons why business owners and others struggle with budgeting:
“I don’t know what my expenses are going to be.”
Okay, maybe you don’t know the exact dollar amount of every expense, but you probably have a better idea than you think. Additionally, you’re not required to get it exactly right – this is not a test. Make your best guess, use some past data, and adjust as you get better information. Don’t make “perfect” the enemy of good.
“I don’t want to know.”
Oh, this one is insidious! I hear and see this in many different ways. Denial is not going to make the picture rosier. In fact, it’s likely to make things more difficult. Add to that the fact that you can’t make things better if you don’t know where you stand and have a way to measure progress. Bite the bullet, put some numbers down and face the facts; only then can you change them.
“It’s too hard and too time consuming.”
Sure it can be, but it doesn’t have to be like this! You can spend tons of time building beautiful, complicated, super-detailed Excel spreadsheets, or buy some complicated software or app. But, there are so many other options now that are both easy and quick. This one shouldn’t stop you.
“I don’t have time.”
First off, it doesn’t have to take a lot of time. Second, do you have time for the emergencies that come up because you haven’t done your planning? No? I didn’t think so.
As you see, there are plenty of excuses. But, they are just that – excuses. If you want to budget and forecast, you can. If you just don’t want to, I’d be interested in hearing why.
Leave a comment below; I’d love to hear what you have to say.