One of the most important administrative tools, a budget serves as a plan of action for achieving quantified objectives. It sets a standard for measuring performance and helps to cope with foreseeable adverse situations.

Managing and sticking to a budget can be a daunting and overwhelming task for most leaders, but it is a basic and necessary leadership skill. Without a budget, you and your team would overspend what you have, go into debt or, worse yet, go bankrupt. As a leader, you must be strategic in your budgeting by planning for potential what-if scenarios. Strive for transparency and involve your team in the budget so they can help you manage expenses. Also, be flexible as needed and put your people first—like giving a well-deserving employee a raise when they ask for one, for example.

Watch the videos below for budgeting insights. 

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