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Budgets and Spending Plans
When you think of the word “budget”, what comes to mind? For many people, budgets imply austerity, dictate strict spending limits, and imply that things are bad now and likely to get worse. At Summit, we believe the best reason to have a budget isn’t to minimize spending but to create a plan to spend wisely.
Knowledge is power! And a well-planned budget is a powerful planning tool. Think of it as a master spending plan, your practice’s customized guideline for decision-making. A budget lets you see your future commitments so you know whether you can spend that extra cash now, or if you need to hang on to it until next month, to cover 3 pay periods.
A budget is also a great way to open up discussion among business partners and decision makers about where you want your practice to be in the future, and what it will take to get it there. Without a budget, you run the risk that you’re spending more than you should, or that you aren’t spending enough to grow your practice.
Let Summit help you create a budget that will:
- Align your practice's spending with industry standards, where appropriate
- Measure progress toward achieving your goals
- Keep the right amount of cash on hand
- Build up an emergency fund
- Plan for short-term borrowing, if needed
- Identify and address potential problems before they arise
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