The document outlines Daniel Feiman's presentation on building personal and corporate budgets. It discusses starting with defining desired outcomes, types of budgets like static and flexible, expense categories, and provides an example personal monthly budget template. The agenda includes exercises on budget crossword puzzles, the purposes and components of budgets, and variance analysis.
The Task Force reviewed the Town of North Castle's historical financial performance from 2005 to 2010:
- Property taxes increased 36.7% while assessed values only grew 4.5%, raising the tax rate by 28.8%
- Revenues decreased $2.4 million mainly from lower mortgage taxes, licenses, and sales taxes
- Expenses grew with salary and benefits increasing $2.5 million
- The Town used $0.4 million of cash reserves
- Without changes, taxes were projected to rise 44% in 5 years to maintain services and rebuild reserves.
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
The document defines what a budget is according to various sources and provides details about the key components of a government budget. A budget is a financial plan that estimates revenues and expenditures for a set period, usually a year. It includes estimates of taxes, borrowing, expenditures on programs and services. The budget helps allocate resources and implement economic policies.
This document provides instructions and templates for spreadsheets to help determine the costs of developing and operating a child care center. The spreadsheets include a project sources and uses budget, development budget, construction budget, and two-year cash flow budget. The development budget breaks down acquisition costs, hard costs, soft costs, lending costs, and other startup costs. The construction budget further details the construction line item.
Lean Six Sigma Black Belt 10 02 11 Pauls VersionPaul Kovatch
The document outlines a Lean Six Sigma Black Belt project to reduce monthly expenses from $6,000 to within $2,000 through a Define, Measure, Analyze, Improve, and Control process. Baseline data from 2008-2010 tax records and credit card statements showed expenses exceeded income by $4,000 per month. Through analyzing spending categories and prioritizing solutions, expenses were reduced to the $2,000 goal, lowering stress for the individual and allowing focus on other opportunities. Ongoing monitoring and emergency funds were put in place to control the new budget.
This document provides an overview of financial planning and management for small businesses. It discusses cash flow forecasts, profit and loss accounts, and sales projections. Key points covered include how to create cash flow forecasts and profit and loss statements, the importance of sales projections, and factors to consider like costs, revenue sources, credit terms, taxation, and industry ratios. Live examples are worked through to demonstrate concepts like break even analysis. The document concludes with next steps like updating business plans and conducting SWOT analyses.
2012 Skills Based Summit - 3M, Budgeting & ROI HOTC19
The document discusses budgeting and return on investment (ROI) for non-profit organizations. It covers creating a budget to achieve financial and programmatic goals, understand income sources like donations and grants, and plan expenses. The budget establishes priorities and allows performance evaluation. ROI can help prioritize projects based on impact relative to effort. Non-financial ROI uses a simple scale to evaluate projects. Budgeting requires balancing competing priorities from donors, volunteers, community needs, leaders, and the board within limited funds.
The Task Force reviewed the Town of North Castle's historical financial performance from 2005 to 2010:
- Property taxes increased 36.7% while assessed values only grew 4.5%, raising the tax rate by 28.8%
- Revenues decreased $2.4 million mainly from lower mortgage taxes, licenses, and sales taxes
- Expenses grew with salary and benefits increasing $2.5 million
- The Town used $0.4 million of cash reserves
- Without changes, taxes were projected to rise 44% in 5 years to maintain services and rebuild reserves.
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
The document defines what a budget is according to various sources and provides details about the key components of a government budget. A budget is a financial plan that estimates revenues and expenditures for a set period, usually a year. It includes estimates of taxes, borrowing, expenditures on programs and services. The budget helps allocate resources and implement economic policies.
This document provides instructions and templates for spreadsheets to help determine the costs of developing and operating a child care center. The spreadsheets include a project sources and uses budget, development budget, construction budget, and two-year cash flow budget. The development budget breaks down acquisition costs, hard costs, soft costs, lending costs, and other startup costs. The construction budget further details the construction line item.
Lean Six Sigma Black Belt 10 02 11 Pauls VersionPaul Kovatch
The document outlines a Lean Six Sigma Black Belt project to reduce monthly expenses from $6,000 to within $2,000 through a Define, Measure, Analyze, Improve, and Control process. Baseline data from 2008-2010 tax records and credit card statements showed expenses exceeded income by $4,000 per month. Through analyzing spending categories and prioritizing solutions, expenses were reduced to the $2,000 goal, lowering stress for the individual and allowing focus on other opportunities. Ongoing monitoring and emergency funds were put in place to control the new budget.
This document provides an overview of financial planning and management for small businesses. It discusses cash flow forecasts, profit and loss accounts, and sales projections. Key points covered include how to create cash flow forecasts and profit and loss statements, the importance of sales projections, and factors to consider like costs, revenue sources, credit terms, taxation, and industry ratios. Live examples are worked through to demonstrate concepts like break even analysis. The document concludes with next steps like updating business plans and conducting SWOT analyses.
2012 Skills Based Summit - 3M, Budgeting & ROI HOTC19
The document discusses budgeting and return on investment (ROI) for non-profit organizations. It covers creating a budget to achieve financial and programmatic goals, understand income sources like donations and grants, and plan expenses. The budget establishes priorities and allows performance evaluation. ROI can help prioritize projects based on impact relative to effort. Non-financial ROI uses a simple scale to evaluate projects. Budgeting requires balancing competing priorities from donors, volunteers, community needs, leaders, and the board within limited funds.
These are the worksheets discussed in my RETSO presentation from Atlanta 2011. These are free to use with your agents (or yourself) please share any thoughts, successes or changes you have made with me.
Theory (Measuring Economic Perfromance)Alicia Fourie
This chapter discusses key economic concepts and how to measure macroeconomic outcomes. It covers goals, concepts, and definitions that are measured, as well as how and why they are measured. Specifically, it examines macroeconomic goals of economic growth, employment, price stability, external stability, and equitable income distribution. It provides definitions and methods for measuring GDP, unemployment, CPI, the balance of payments, and the Gini coefficient.
Understanding How People Search for News & Politics Online: Reality TV, Polit...CloudShapes UK
This document summarizes internet search trends from June 2011 to June 2012. It found that searches relating to the UK budget, including terms like "budget", "child benefit", and "stamp duty" spiked around the time of budget announcements. Searches for politicians and public figures like Gary Speed and Liam Fox increased when they were in the news. The document also examines unusual search queries submitted to news websites to show the stories behind the data.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
The document discusses the differences between budgets and forecasts, with budgets being annual goals and forecasts providing more frequent updates on actual performance. It also covers creating annualized cash flow projections and periodic cash flow projections on a weekly or monthly basis to better understand liquidity over time. The CEO's role in financial management is also outlined, including understanding key metrics and ensuring accurate financial reporting and cash flow management.
This document provides tips and strategies for managing personal finances. It discusses earning money, spending habits, saving, investing, and giving. Some key points include tracking expenses, setting financial goals to save 10-20% of take-home pay and live on 70%, paying yourself first by saving, reducing costs through eliminating unnecessary spending, getting out of debt, and creating a 90-day plan to improve money management skills and turn finances around. The document emphasizes taking action, getting started, and not putting off improving one's financial situation.
IMG is an independent marketing company that offers a broad array of financial services and products through affiliated companies. Its mission is to help families achieve their financial goals and revolutionize the financial services industry with a fresh approach. The company aims to empower people by changing them from spenders and savers to entrepreneurs, investors, and deliver a financial wake-up call. IMG offers a total financial solution including financial literacy programs, direct access to financial services companies, and investment and business opportunities to build passive income for retirement.
The document discusses the dire financial challenges facing the US Postal Service, including multi-billion dollar losses in recent years. It outlines a preliminary 5-year plan with initiatives to cut costs by $8.7 billion annually through measures like facility consolidation, delivery optimization, and a transition to 5-day mail delivery. The plan also calls for legislative actions and investments in technology and innovation to help address the financial issues and position the USPS for long-term viability.
This document discusses calculating an LM3 (Local Multiplier 3) score to quantify the economic impact of local spending. It provides an example of how $100 of initial spending staying primarily local can generate $500 of total spending, compared to only $125 if most spending leaks out of the local economy. The document also provides details on how to conduct LM3 surveys to collect spending data from local businesses and calculate an accurate LM3 score.
Option 1 requires an upfront payment of approximately $6,755 for start up costs including company setup, insurance, compliance materials, equipment, and training. Option 2 requires an upfront payment of approximately $3,370 plus ongoing monthly payments of approximately $420 for leasing equipment and paying insurance and fees over time. Both options will have ongoing monthly expenses for insurance, fees, and operational costs.
The document provides an overview of SBI Mutual Fund and its joint venture with Société Genéralé Asset Management. It discusses the benefits of cross-selling mutual funds to bank customers, including generating additional income, customer retention, and providing financial services under one roof. It then provides information on what mutual funds are, how they work, their tax benefits, and the types of mutual fund products and schemes available.
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
Mutual funds provide investors access to a professionally managed portfolio of securities, allowing them to benefit from the expertise of fund managers without needing substantial capital. They offer investors an affordable way to diversify their holdings across different asset classes and companies to reduce risk. Over the long run, mutual funds aim to achieve higher returns than fixed-income instruments like savings accounts through exposure to growth opportunities in the market.
Learning sessions #6 Residency Incubator brazilian arts foundationjvielman
The Brazilian Arts organization completed a 3-year residency incubator program, during which they addressed challenges like staff capacity, fundraising strategy, and community outreach. Key outcomes included new board procedures, a treasurer role, staff positions, and marketing improvements. Their budget grew from $180k to a projected $420k by expanding programs and facilities. Lessons centered around clear vision, balanced business/passion, and empowering the right people. Their next steps are a major fundraiser and continued strategic planning.
- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
BancAnalysts Association of Boston Conference finance2
The document summarizes the financial results and credit performance of JPMorgan Chase's Retail Financial Services division for the third quarter of 2008. Key points include:
- Revenue grew 15% year-over-year to $14.6 billion driven by regional banking and mortgage production, but credit costs increased significantly to $5.5 billion.
- Net income declined to $626 million due to higher credit costs, especially in home equity and subprime mortgages.
- Significant credit actions have been taken to tighten underwriting across home lending portfolios, but deterioration continues with high delinquencies and losses expected going forward.
- New initiatives are announced to proactively help homeowners modify loans and stay
This document provides supplemental information for investors regarding Monsanto Company, including forward-looking statements and selected financial highlights from 2005-2008. Key points include that Monsanto is the world's leading agriculture company focused on seeds and traits, with 2008 net sales of $11.3 billion. Financial highlights show significant growth in net income, earnings per share, EBIT, and free cash flow over the period. The document also provides a reconciliation of non-GAAP earnings per share and notes that approximately half of Monsanto's 2008 net sales came from North America.
How to avoid the 12 most common roadblocks to successful change implementatio...Daniel Feiman, MBA, CMC
The document outlines Daniel Feiman's presentation on avoiding the 12 most common roadblocks to successful change implementation. The presentation covers a case study of change failures, a change readiness assessment activity, identifying the "dirty dozen" roadblocks, and tools to avoid these roadblocks. The goal is to help organizations successfully implement change initiatives.
The document discusses the cost of not innovating for businesses. It notes that failure to innovate can lead to a business being overtaken by more innovative competitors and becoming obsolete. It provides examples of companies like Yell, Borders, and Blockbuster that failed to innovate and were disrupted. Additionally, it finds that of the Fortune 500 companies in 1955, only 13% remained on the 2011 list, meaning 87% failed due to issues like not innovating.
More Related Content
Similar to Building A Personal Or Corporate Budget Model That Works V2
These are the worksheets discussed in my RETSO presentation from Atlanta 2011. These are free to use with your agents (or yourself) please share any thoughts, successes or changes you have made with me.
Theory (Measuring Economic Perfromance)Alicia Fourie
This chapter discusses key economic concepts and how to measure macroeconomic outcomes. It covers goals, concepts, and definitions that are measured, as well as how and why they are measured. Specifically, it examines macroeconomic goals of economic growth, employment, price stability, external stability, and equitable income distribution. It provides definitions and methods for measuring GDP, unemployment, CPI, the balance of payments, and the Gini coefficient.
Understanding How People Search for News & Politics Online: Reality TV, Polit...CloudShapes UK
This document summarizes internet search trends from June 2011 to June 2012. It found that searches relating to the UK budget, including terms like "budget", "child benefit", and "stamp duty" spiked around the time of budget announcements. Searches for politicians and public figures like Gary Speed and Liam Fox increased when they were in the news. The document also examines unusual search queries submitted to news websites to show the stories behind the data.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
The document discusses the differences between budgets and forecasts, with budgets being annual goals and forecasts providing more frequent updates on actual performance. It also covers creating annualized cash flow projections and periodic cash flow projections on a weekly or monthly basis to better understand liquidity over time. The CEO's role in financial management is also outlined, including understanding key metrics and ensuring accurate financial reporting and cash flow management.
This document provides tips and strategies for managing personal finances. It discusses earning money, spending habits, saving, investing, and giving. Some key points include tracking expenses, setting financial goals to save 10-20% of take-home pay and live on 70%, paying yourself first by saving, reducing costs through eliminating unnecessary spending, getting out of debt, and creating a 90-day plan to improve money management skills and turn finances around. The document emphasizes taking action, getting started, and not putting off improving one's financial situation.
IMG is an independent marketing company that offers a broad array of financial services and products through affiliated companies. Its mission is to help families achieve their financial goals and revolutionize the financial services industry with a fresh approach. The company aims to empower people by changing them from spenders and savers to entrepreneurs, investors, and deliver a financial wake-up call. IMG offers a total financial solution including financial literacy programs, direct access to financial services companies, and investment and business opportunities to build passive income for retirement.
The document discusses the dire financial challenges facing the US Postal Service, including multi-billion dollar losses in recent years. It outlines a preliminary 5-year plan with initiatives to cut costs by $8.7 billion annually through measures like facility consolidation, delivery optimization, and a transition to 5-day mail delivery. The plan also calls for legislative actions and investments in technology and innovation to help address the financial issues and position the USPS for long-term viability.
This document discusses calculating an LM3 (Local Multiplier 3) score to quantify the economic impact of local spending. It provides an example of how $100 of initial spending staying primarily local can generate $500 of total spending, compared to only $125 if most spending leaks out of the local economy. The document also provides details on how to conduct LM3 surveys to collect spending data from local businesses and calculate an accurate LM3 score.
Option 1 requires an upfront payment of approximately $6,755 for start up costs including company setup, insurance, compliance materials, equipment, and training. Option 2 requires an upfront payment of approximately $3,370 plus ongoing monthly payments of approximately $420 for leasing equipment and paying insurance and fees over time. Both options will have ongoing monthly expenses for insurance, fees, and operational costs.
The document provides an overview of SBI Mutual Fund and its joint venture with Société Genéralé Asset Management. It discusses the benefits of cross-selling mutual funds to bank customers, including generating additional income, customer retention, and providing financial services under one roof. It then provides information on what mutual funds are, how they work, their tax benefits, and the types of mutual fund products and schemes available.
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
Mutual funds provide investors access to a professionally managed portfolio of securities, allowing them to benefit from the expertise of fund managers without needing substantial capital. They offer investors an affordable way to diversify their holdings across different asset classes and companies to reduce risk. Over the long run, mutual funds aim to achieve higher returns than fixed-income instruments like savings accounts through exposure to growth opportunities in the market.
Learning sessions #6 Residency Incubator brazilian arts foundationjvielman
The Brazilian Arts organization completed a 3-year residency incubator program, during which they addressed challenges like staff capacity, fundraising strategy, and community outreach. Key outcomes included new board procedures, a treasurer role, staff positions, and marketing improvements. Their budget grew from $180k to a projected $420k by expanding programs and facilities. Lessons centered around clear vision, balanced business/passion, and empowering the right people. Their next steps are a major fundraiser and continued strategic planning.
- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
BancAnalysts Association of Boston Conference finance2
The document summarizes the financial results and credit performance of JPMorgan Chase's Retail Financial Services division for the third quarter of 2008. Key points include:
- Revenue grew 15% year-over-year to $14.6 billion driven by regional banking and mortgage production, but credit costs increased significantly to $5.5 billion.
- Net income declined to $626 million due to higher credit costs, especially in home equity and subprime mortgages.
- Significant credit actions have been taken to tighten underwriting across home lending portfolios, but deterioration continues with high delinquencies and losses expected going forward.
- New initiatives are announced to proactively help homeowners modify loans and stay
This document provides supplemental information for investors regarding Monsanto Company, including forward-looking statements and selected financial highlights from 2005-2008. Key points include that Monsanto is the world's leading agriculture company focused on seeds and traits, with 2008 net sales of $11.3 billion. Financial highlights show significant growth in net income, earnings per share, EBIT, and free cash flow over the period. The document also provides a reconciliation of non-GAAP earnings per share and notes that approximately half of Monsanto's 2008 net sales came from North America.
Similar to Building A Personal Or Corporate Budget Model That Works V2 (20)
How to avoid the 12 most common roadblocks to successful change implementatio...Daniel Feiman, MBA, CMC
The document outlines Daniel Feiman's presentation on avoiding the 12 most common roadblocks to successful change implementation. The presentation covers a case study of change failures, a change readiness assessment activity, identifying the "dirty dozen" roadblocks, and tools to avoid these roadblocks. The goal is to help organizations successfully implement change initiatives.
The document discusses the cost of not innovating for businesses. It notes that failure to innovate can lead to a business being overtaken by more innovative competitors and becoming obsolete. It provides examples of companies like Yell, Borders, and Blockbuster that failed to innovate and were disrupted. Additionally, it finds that of the Fortune 500 companies in 1955, only 13% remained on the 2011 list, meaning 87% failed due to issues like not innovating.
Every organization needs to periodically take an X-Ray of itself to see what is working & what is not. This strategic assessment tool looks at SWOT (9-cell version, SMARTER goals & the Effort vs. Impact matrix for decisions.
Here is a decision matrix that allows you more comfort that you have made the right decision under risk conditions. The second tool allows you to compare your "effort vs. Impact" to help you prioritize.
The document outlines an agenda for a corporate finance training seminar. The agenda includes discussions of debt versus equity funding, basic financial analysis, legal entities, SBA loan programs, the seven C's of credit, a 2x4 story, and finance success and failure stories. The seminar is presented by Daniel Feiman and covers key concepts in corporate finance.
The document discusses strategy implementation and outlines 9 key components for successful implementation: 1) building an organization capable of success, 2) exercising strategic leadership, 3) shaping corporate culture to fit strategy, 4) tying rewards to strategic targets, 5) installing support systems, 6) instituting best practices for continuous improvement, 7) establishing policies that support strategy, 8) allocating resources, and 9) recognizing successes and moving forward. Successful implementation means completing strategic planning and putting the plan into action.
The document discusses building personal and corporate budgets. It provides an agenda for the presentation which includes budget crossword puzzles, defining what a budget is and its purposes, types of budgets, and variance analysis. Examples are given of a personal monthly budget template and corporate sales forecast, cash collection, and direct labor budgets.
The document discusses strategies for developing a global business approach. It addresses questions about why companies go global, whether the same local strategy can be used globally, identifying competitive advantages, assessing risks, and determining an entry strategy. Additionally, it covers differentiating from local competition, the costs of acquiring new clients versus retaining existing ones, and that profitability in emerging markets rarely comes quickly and requires long term investment.
Provocative selling is presented as an alternative to traditional selling approaches. It involves identifying problems customers are not addressing and using provocative statements to convince them of the urgent need to implement a solution. The document outlines four steps to provocative selling: 1) identifying a resonant problem, 2) developing a provocative viewpoint, 3) presenting to a decision-maker, and 4) providing a solution. It provides case studies and contrasts provocative selling with solution selling. The goal is to disturb the customer's status quo and convince them an alternative is necessary.
5. What are the 2 purposes of a budget?
Planning Control
• What revenues will come in? • How frequently will the budget be
• What fixed expenses must be monitored?
paid? • What range (+/-) will be allowed
• What variable expenses will be as normal business?
necessary? • Will the variances be calculated
• What discretionary expenses will manually or automatically?
come up? • Who will be responsible for
reviewing the report?
• Who will be held accountable for
corrective actions?
• What is the process if the
variance persists?
• How will the results be used to
prepare the next forecast leading
to the next budget?
1/27/11 Bruin Professionals – South Bay