BOOK A FREE CONSULTATION
Linkedin Facebook Instagram

Category: Uncategorized

How Small Businesses Can Stay Competitive with Year-End Benefits Planning

Posted on by Bridge

How Small Businesses Can Stay Competitive with Year-End Benefits Planning

View of laptop and clipboard on desk with text overlay: "Stay Competitive With Year-End Benefits Planning"

Offering the right benefits is key to staying competitive in the hiring market these days, especially for small businesses. If you want to keep talent, manage costs, and stay compliant with legal requirements, year-end benefits planning is one way to do it.

Why Benefits Planning?

Keeping Top Talent
Employees are more likely to stick around if they feel valued, and benefits can be a big part of that. Offering thoughtful benefits can help small businesses compete with larger companies, even if budgets are tight.

Learn more about keeping your talent read our blog “Recruit to Retain”  from our recent HR Series.

Managing Costs
Year-end planning lets businesses review and adjust their benefits to manage costs effectively. This is the time to decide what’s working and where you can make changes without sacrificing the quality of benefits.

Legal Compliance
The law is always changing. Review your benefits plans yearly to ensure compliance with all legal requirements. This ensures you avoid any potential fines or issues down the road.

Tips for Effective Year-End Benefits Planning

Review Your Current Benefits
Inventory what you’re offering and gather employee feedback. Focus on the benefits that matter most to your team, and cut those that don’t. You’ll free up budget for bolstering the RIGHT benefits.

Prioritize Core Benefits
Small businesses don’t need to offer everything. Health insurance and flexible work options are great starting points. Wellness programs or flexible schedules can also be affordable ways to show you care about your employees’ well-being.

Plan for Flexibility
Your benefits should grow as your company does. Choose packages that are scalable and can adapt to changes in your business.

Simplify the Process
Make open enrollment simple for employees by communicating clearly and using digital tools. A smooth process makes it easier for everyone involved.

Staying Competitive on a Budget

Partner with the Right Providers
Work with benefits providers who understand the needs of small businesses. They can help you find cost-effective solutions that keep your business competitive.

Explore Alternatives
When possible, add low-cost benefits like employee assistance programs (EAPs), mental health support, or discount programs. These small additions can make a big difference.

Leverage Tax Breaks
Look into tax credits for offering certain benefits, like health insurance. These savings can help offset costs while still providing benefits.

Conclusion

Year-end benefits planning is crucial for small businesses to stay competitive. By offering the right mix of benefits, managing costs, and keeping the process simple, you can keep employees happy without breaking the bank. Start planning now to ensure your business stays competitive in the coming year.

Need help with your benefits planning? Schedule a consultation today to see how we can help!

Recap of Our HR Series: Key Strategies for Building a Resilient Workforce

Posted on by Bridge

Recap of Our HR Series: Key Strategies for Building a Resilient Workforce

In our recent HR blog series, we covered many important topics and strategies for building and retaining your workforce. Whether you’re looking to future-proof your workforce, improve recruitment and retention, or enhance your benefits package, these insights can help you improve your strategy and find success in HR.

Future-Proofing Your Workforce: Essential Strategies for HR Success

The first part in our series focused on preparing your workforce for the future. Consider these strategies to ensure the longevity of your team.

  1. Skills-Based Talent Approach: Regularly assess your employees’ skills and identify any gaps. Aligning their skills with your business needs not only aids in proper placement but also drives growth and development.
  2. Understanding Employee Needs: Engaging in “stay conversations” can reveal what keeps your employees motivated—whether it’s competitive compensation, personalized development opportunities, or a solid work-life balance.
  3. Succession Planning: Prepare for turnover by cross-training your team, promoting from within, and utilizing a skills-based approach for external hires. This ensures a smooth transition and continuity within your business.

By implementing these strategies, you can build a workforce that will not only withstand future challenges, but also be prepared for opportunities.

Recruit to Retain: Strategies for Long-term Success

The second part in our HR series highlighted the importance of recruiting the right talent and retaining them to maintain efficiency and reduce turnover costs. Key strategies include:

  1. Define Recruitment and Retention Goals: Set clear, measurable objectives that align with your business needs, whether it’s attracting new talent or improving employee satisfaction.
  2. Develop a Recruitment Plan: Craft detailed job profiles and use diverse recruitment channels to attract candidates who fit both the role and your company culture.
  3. Effective Onboarding Programs: Create a positive onboarding experience with clear expectations and necessary training. A welcoming environment boosts new hires’ commitment and satisfaction.
  4. Prioritize Employee Happiness: Create a supportive environment with opportunities for skill development, career growth, and regular recognition. This increases job satisfaction and reduces turnover.

“Recruiting to Retain” is the idea that hiring and retaining talent is crucial for long-term success, especially for small businesses competing in a dynamic market.

Offering a Strategic Benefits Package: Attract and Retain Top Talent

Our final blog discussed the significance of a competitive benefits package in attracting and retaining top talent. Here are the strategies to consider:

  1. Understand Employee Preferences: Use surveys and interviews to tailor your benefits package to what employees value most, ensuring they feel appreciated and engaged.
  2. Offer Essential Benefits: Provide core benefits like health insurance, retirement plans, and paid time off. These meet basic expectations and demonstrate your commitment to your employees.
  3. Go Beyond Traditional Benefits: Include modern perks such as wellness programs, flexible working conditions, and mental health support to enhance work-life balance and overall well-being.
  4. Tailored Benefits: Customize benefit plans to fit individual needs, such as flexible schedules or customizable coverage options.
  5. Effective Communication: Clearly communicate the benefits available to employees through onboarding, resources, and regular updates.
  6. Competitive Analysis: Regularly review and compare your benefits package with competitors to ensure it remains attractive and effective.

Flex-Able Solutions can assist you in managing and implementing these strategies. We can help you build a benefits package that boosts morale, productivity, and retention.

Ready to Enhance Your HR Practices?

Flex-Able Solutions offers fractional HR services that scale with your business needs, integrating seamlessly with your team. Book a consultation with us to explore how we can support your HR goals and drive your business forward.

Book A Free Consultation

Future-Proofing Your Workforce: Essential Strategies for HR Success

Posted on by Bridge

Future-Proofing Your Workforce: Essential Strategies for HR Success

Today’s workplace is unlike anything employers have experienced in the past. With unprecedented fluidity in job changes and rapidly evolving technology, a hyper-focused, future-proof plan is essential for any employer.

Future proofing your workforce is one of the most effective strategies to attract and retain talent. Investing in your employees should be at the top of your list when it comes to long-term assets.

Skills-Based Talent Approach

A skills-based talent approach involves understanding the skills currently within your organization, identifying the skills needed for employees to progress, and determining which skills are required to improve your business through hiring. 

By identifying your employees’ existing skills, you can:

  • Pinpoint areas for improvement
  • Position employees correctly
  • Identify gaps in your current workforce
  • Help employees understand your strategy and their role in it

Understanding Employee Needs

Understanding employee needs is one of the most underrated yet easy-to-implement solutions for strengthening your workforce. One effective method is through “stay conversations”—one-on-one meetings with employees to understand what they need to stay in your organization.

Some top reasons employees stay at their workplace include:

  • Compensation: Most people feel underpaid. If you cannot meet their salary expectations, help them understand your expectations, their future career prospects, and opportunities within your organization.
  • Personalized Creative Development: Provide personalized development opportunities tailored to their skill sets and needs. Creative development is a long-term strategy, not just a quick fix from a seminar.

Work-Life Balance: While compensation is crucial, work-life balance is a close second. Employees want clarity on what is expected during work hours and if they need to participate in excessive communication or meetings outside regular business hours.

Succession Planning

Every business will experience turnover. When changes arise, you need a rock-solid plan to keep your organization moving forward and fill needed positions as quickly as possible.

Consider these key points for a successful succession plan:

  • Have a Backup: Cross-training allows an employee to temporarily fill in when needed.
  • Look Within: If you’ve developed your employees’ skills, there’s a high chance you can promote from within.
  • Look Outside: When hiring externally, use a skills-based talent approach to find the best fit for your organization based on skills, not just job roles.

Mahatma Gandhi understood the importance of future-proofing when he said, “The future depends on what you do today.”

By implementing these strategies, you can build a resilient and adaptable workforce, ensuring your organization thrives in the face of future challenges. Prioritizing skills development, understanding employee needs, and having a robust succession plan will position your business for sustained success.

Recruit to Retain: Strategies for Long-term Success

Posted on by Bridge

Recruit to Retain: Strategies for Long-term Success

They say “people make the business” for a reason. Without high-quality, well-trained staff, it can be challenging – especially for a small business – to operate efficiently. The constant need to train new employees because of high turnover creates stress for the business, both financially and operationally. Knowing how to “Recruit to Retain”– or how to find and keep the right people for your team – is key to the success of your business.

Attracting the right talent isn’t easy. Constantly changing job markets and limited resources for recruitment, benefits, and salaries can make competing for top candidates difficult. When you do hire, mismatches in cultural fit and long-term goal alignment can result in unexpected turnover. It’s challenging, but the steps that follow will help you overcome the challenges and build a team focused on success.

Define Clear Recruitment + Retainment Goals

Know who you need and how you want to keep them. Then prioritize these goals based on the immediate needs of your business. If you need more people, identify the profile of your ideal candidate for each role. If you have the people you need, but high turnover is a significant issue, focus on employee happiness. Whatever you need, clear, measurable goals will provide a roadmap for your HR activities, helping you stay focused and making it easier to track progress.

Develop a Comprehensive Recruitment Plan

It’s easier to narrow down your search for the perfect candidates when you identify key positions and create detailed profiles for each. Once you’ve done that, a successful search plan might include diversifying your recruitment channels to reach more potential candidates. Or you might attract more like-minded recruits with job postings that not only highlight role requirements and benefits but also reflect your company’s culture and messaging. Knowing who you need and having a plan for how to recruit them will make every search more successful.

Implement Effective Onboarding Programs

A study completed by The Brandon Hall Group found that employees who had a positive onboarding experience had an 82% retention rate. Interestingly, only 12% of employees feel their organization does well when onboarding new employees.

Your employees can be part of that 12 percent! Invest time in creating a great onboarding experience for your new hires. Tell them what they’re responsible for and how they’re expected to fulfill those responsibilities. Provide the training and resources they need to perform their job. Be welcoming – introduce them to the team, let them know where to go for help, encourage their coworkers to reach out to them. Check in with them regularly. In short, show them they matter.

Prioritize Employee Happiness

Investing in your employees’ growth boosts their satisfaction and benefits your business. Do what you can to encourage employees to expand their skills and grow within your company. Provide additional training, establish career paths, create a culture of recognition that acknowledges and rewards their contributions. Overall, prioritize employee happiness by creating a supportive work environment, where employees feel valued and heard.

In Conclusion

“Recruiting to Retain” is key to running an efficient and successful business. High turnover and constant training can be a real challenge, both financially and operationally. Small businesses, in particular, struggle with recruitment, benefits, and salaries because of limited resources in the ever-changing job market. But with the right strategies (or HR Supports),you can recruit and keep top talent, setting your business up for long-term success.

Rewarding Talent: How to Offer Employee Benefits That Matter

Posted on by Flex-Able Solutions

To win in today’s competitive talent landscape, you need a benefits package that transcends being a perk to become a strategic recruitment advantage. Robust benefits that align with your employees’ needs not only enhance their satisfaction and loyalty but also serves to bring in top talent. By evaluating your current programs and investing in improved benefits programs, your company will see substantial long-term savings through reduced turnover rates and improved employee productivity.

The human resources (HR) experts at Flex-Able Solutions understand the value of a competitive and comprehensive benefits package. We help companies appeal to the talent they need for sustainable growth using the tactics outlined below.

Understand Employee Preferences

According to Gallup research, only one third of employees felt engaged in 2023. The article estimates that this led to a loss of $1.9 trillion in lost revenue and attributes the dissatisfaction to a feeling of apathy. Workers didn’t feel like their employers cared about them as a person. This trend highlights the need to understand your employees’ preferences around their job so that they feel acknowledged and appreciated.

To create a benefits package that resonates with your workforce, HR leaders should first create open communication channels via employee benefits surveys, focus groups, or one-on-one interviews. The results of this research will spotlight which benefits employees value most and identify gaps in your current offerings. HR leaders can then make informed, data-driven decisions about which benefits to add or prioritize.

Offer Essential Employee Benefits…

While the specific benefits offered to employees may vary based on industry, company size, and employee demographics, there are several key components that most employees have come to expect from their employers:

  • Health Insurance: Comprehensive medical, dental, and vision coverage are often at the top of employees’ wish lists. It’s important to note that not all plans are equal and as inflation continues to drive health insurance costs up, employees feel the crunch as much as employers. Having a plan that supports your employees’ healthcare needs makes you stand out.
  • Retirement Plans: Retirement savings options, such as 401(k) plans with employer matching contributions, demonstrate a long-term commitment to employees’ financial well-being. They also foster employee loyalty as employees build value in their accounts. 
  • Paid Time Off: Generous paid time off policies, including vacation days, sick leave, and parental leave significantly improve work-life balance and employee satisfaction.

Professional Development: Opportunities for growth and career advancement, such as tuition reimbursement, training programs, and mentorship initiatives foster a culture of continuous learning and employee engagement.

… But Look Beyond the Traditional Benefit Package

While the traditional benefits above are foundational, modern employees place increasing value on lifestyle-based benefits that facilitate a more satisfying work/life balance. These include:

  • Wellness Programs: Initiatives that promote physical and mental well-being, such as gym memberships, employee assistance programs, and mindfulness workshops contribute to a healthier, more balanced, and more productive workforce.
  • Flexible working conditions: Since the pandemic, employees have discovered the benefits of a hybrid work model. Add telecommuting, flexible hours, remote work, and compressed workweeks to appeal to this shifting demographic.
  • Parental leave: Extended maternity and paternity leave policies support families and relieve stress for employees juggling work and diaper duty. 
  • Mental health support: Providing access to counseling services, mental health days, and stress management programs acknowledges the importance of mental well-being to the overall health of your organization.
  • Financial wellness programs: Educational workshops on budgeting, financial planning, and investment strategies empower employees to make informed financial decisions.
  • Education and enrichment opportunities: Beyond continued education and career development, offering sabbaticals, research grants, and extended leaves gives employees the opportunity to expand their knowledge, increase their skills, and return a more valuable asset.
Employee working on computer from home with child on lap.

Further Considerations

Tailored Benefits

One size does not fit all and personalized benefit plans that allow employees to choose the options that best fit their individual needs are a significant draw. Options can range from flexible work schedules to customizable health coverage and education stipends. This empowers employees to make choices that best support their lifestyle and career goals.

Enhanced Employee Benefit Communication

Effective communication and thorough onboarding are crucial for ensuring that employees understand and appreciate their benefits. Companies should invest in clear and accessible resources, such as employee handbooks, online portals, and dedicated benefits specialists, to help employees navigate their options and make informed decisions. Hold regular benefits training sessions so that your employees continue to get the most out of their packages.

Competitive Analysis

Understanding what your competitors offer can give your company a competitive advantage. This analysis can highlight potential areas for improvement in your own benefits strategy and identify ways to appeal to a larger talent pool.

Two employees smiling at computer.

Leverage Fractional Expertise

Enhance your benefits offerings without the burden of managing complex HR processes in-house. The fractional HR experts at Flex-Able Solutions are industry leaders in implementing and managing enhanced benefits strategies for all types of companies. By providing access on an as-needed basis, we help you develop and maintain a benefits package that is both competitive and aligned with your organizational goals. 

Contact our team today and get paired with an employee benefits specialist. We’ll develop the best employee benefits plan to improve your company morale, boost productivity, and increase worker retention.

How to Avoid Compliance Pitfalls

Posted on by Flex-Able Solutions

How to Avoid Compliance Pitfalls

Workplace dynamics are ever-evolving as businesses embrace a mix of contractors, full-time staff, and fractional employment. This, on top of the opportunity for hybrid, remote, or in-person roles, provides more flexibility for employees and employers alike. However, this increased flexibility also introduces the challenge of mastering a complex array of compliance requirements. 

If certain requirements are not properly managed, it can lead to significant legal and financial issues at your company. That’s why our Flexers have put together a list of information, strategies, and tips on how to avoid compliance pitfalls. Let’s get started!

The Latest in Employment Law: What Businesses Need to Know

We understand that keeping abreast of the changing laws and regulations can feel daunting. We’re here to guide you through some of the significant legal changes impacting the employment world: 

  • Earned Sick & Safe Time (ESST) Law: This law came into effect at the beginning of 2024 It mandates that employees—including those in fractional or part-time positions—accrue time off for health or safety-related absences. This law is a clear indicator of the trend towards more protective measures for workers.
  • Remote Employment: The surge in remote work has prompted many jurisdictions to introduce specific laws addressing the unique challenges and requirements of remote employment. These regulations can encompass a range of things including the reimbursement for home office expenses, data security standards, and the “right to disconnect” (some regions have introduced legislation granting employees the right to disconnect outside of work hours). For example, Colorado recently issued guidance on remote working arrangements. 
  • Privacy & Data Protection: Digital tools are integral to modern business operations. This means new regulations around privacy and data protection are emerging. These laws aim to safeguard employee information, regulating how it can be collected, used, and stored by employers. 
  • Labor Relations & Unionization: There’s a renewed focus on labor relations laws, particularly concerning the rights of workers to organize and engage in collective bargaining. This includes clarifications on unionization processes for remote and fractional employees, reflecting the changing nature of work environments. The National Labor Relations Board (NLRB) has issued guidance specific to remote workers’ unionization rights. 

It is crucial to be up to speed with your specific industry and state regulations. That’s where a team like Flex comes in. It’s our job to ensure that your business is covering all the necessary bases. Reach out to Flex for a complimentary consultation or keep reading to learn more about solving compliance challenges.

5 Strategies For Avoiding Compliance Pitfalls

Businesses—especially those engaging in fractional employment—need to adopt a proactive and vigilant approach in order to mitigate compliance issues. Here are several strategies to ensure your business remains compliant:

1. Offer Continuous Education & Training

The first step in avoiding compliance pitfalls is to ensure that your HR team and managers are well-versed in current laws and regulations. Regular training sessions should be conducted to keep everyone updated on new developments. This includes understanding the nuances of laws like the ESST and how they apply to your employees. 

2. Implement Robust Processes

New regulations create the need for new processes. Whether it’s tracking accrued sick time, managing benefits for part-time employees, or ensuring fair labor practices across the board, having robust processes in place is crucial. 

This might involve updating your HR software, revising employee handbooks, and ensuring that your payroll systems are equipped to handle the types of employees you have on the team.

3. Regular Audits & Reviews

Compliance is not a set-it-and-forget-it affair. Conducting regular audits of your employment practices and records can help identify potential issues before they become problematic. This includes reviewing how benefits are administered, ensuring that all employees are correctly classified, and verifying that your employment practices are in line with current laws.

4. Engaging with Legal Experts

Given the complexity and variability of employment law, it’s wise to engage with legal experts who specialize in this area. They can provide valuable guidance on compliance matters, help interpret new legislation, and offer advice on best practices for managing a fractional workforce. This is particularly important for small businesses that may not have a dedicated HR or legal department.

5. Embracing Transparency & Communication

Finally, maintaining open lines of communication with your employees is vital. This includes clearly explaining any changes in policies or benefits that affect them, as well as providing a platform for them to voice concerns or ask questions. Transparency not only builds trust but can also serve as an early warning system for potential compliance issues

Don’t Just Keep Up. Stay Ahead. 

As the work world continues to evolve, so does the regulatory environment. Staying ahead of compliance requirements is not just a legal necessity, but a strategic advantage. By investing in your company and employees by following the tips above, your business can navigate the complexities of compliance and focus on what you do best. Stay ahead and schedule a consultation with Flex-Able Solutions today

From Potential to Performance: Unlocking Employee Capabilities

Posted on by Flex-Able Solutions

From Potential to Performance: Unlocking Employee Capabilities

Performance management is a critical aspect of human resources that enables businesses to evaluate and improve employee performance, aligning it with the company’s strategic goals. Developing and implementing an effective performance management system can be particularly challenging if the right resources and expertise is missing. However, addressing common questions and concerns can help businesses create a system that boosts productivity, enhances employee satisfaction, and drives organizational success. Here’s a guide to help companies navigate the complex world of HR and performance management.

1. Setting and Communicating Performance Expectations

Clear and achievable performance expectations are the foundation of effective performance management. Start by aligning goals with your company’s strategic objectives and ensure they are SMART (Specific, Measurable, Achievable, Relevant, Time-bound). Communicating these expectations requires transparency and dialogue—encourage managers to have open discussions with employees about their roles, objectives, and how success will be measured.

The First 90 Day Performance Plans for new employees set expectations, goals and keep everyone on the team aligned. Make sure to implement 90 Day Performance Plans and keep measuring against them as a means to track progress and development.

Image (16) (1)

2. Monitoring and Evaluating Employee Performance

Choosing the right methods for monitoring and evaluating performance is key. Consider a mix of quantitative metrics and qualitative assessments to provide a comprehensive view of employee performance. Regular check-ins and the use of performance management software can help keep track of progress and identify areas for improvement timely. Implementing a mix of peer and leadership reviews can be useful as well as position specific feedback, career development and personal development points.

3. Ensuring Fairness and Objectivity

To mitigate biases in performance evaluation, standardize the evaluation process and train managers on objective assessment techniques. Implementing structured feedback forms and incorporating multiple sources of feedback, such as peer reviews, can help ensure a more balanced and fair evaluation.

Image (17)

4. Delivering Constructive Feedback

Effective feedback is timely, specific, and focuses on behaviors rather than personal attributes. Encourage managers to provide regular feedback, not just during formal evaluation periods, and to frame suggestions for improvement in a positive, supportive manner. This fosters a culture of continuous development and helps employees stay motivated.

5. Linking Performance Management with Development

Performance management should be a tool for identifying development opportunities. Use evaluations to uncover employees’ strengths and areas for growth, and tailor development plans that align with their career aspirations. Offering training, mentorship, and upskilling opportunities can help employees advance and contribute more effectively to the company.

6. Leveraging Technology

Technology can streamline many aspects of performance management, from setting goals and tracking progress to facilitating feedback. For small to mid-size companies, investing in affordable HR software that offers performance management features can be a game-changer, enabling more efficient processes and better data analysis. Many payroll systems and HRIS systems come with performance management features.

7. Addressing Underperformance

Addressing underperformance is a delicate but necessary part of performance management. Early intervention and clear communication are crucial. Develop a performance improvement plan (PIP) that outlines specific, achievable goals, and provide the necessary support and resources to help the employee improve.

8. Recognizing and Rewarding High Performance

A well-designed recognition and reward system can significantly boost morale and motivation. This doesn’t always mean financial rewards; public recognition, professional development opportunities, and additional responsibilities can also be highly motivating for employees.

9. Adapting to Remote or Hybrid Work

For companies operating remotely or in a hybrid model, maintaining visibility and engagement in performance management is essential. Use digital tools to facilitate regular check-ins and ensure that performance metrics are adapted to suit remote work contexts.

10. Ensuring Legal Compliance

Finally, ensure that your performance management system complies with local labor laws and regulations. This includes fair labor practices, nondiscrimination policies, and privacy laws related to employee data.

By addressing these key areas, companies can develop an effective performance management system that not only drives business success but also supports and develops their most valuable asset—their employees.

End of Year Budgeting: Helpful Tips to Get You Started

Posted on by Flex-Able Solutions

End of Year Budgeting: Helpful Tips to Get You Started

It’s hard to believe 2024 is just around the corner! How’s your end-of-year budgeting coming along? At Flex-Able Solutions, we like to think of budgeting as setting the stage for all the amazing things your company can achieve in the following year. By getting a handle on your finances early, you’re giving your business a head start on those 2024 goals. 

7 Tips for End-of-Year Budgeting

We get it, end-of-year reporting and budgeting can feel (and be) daunting. But don’t worry, we’re here to help. Start by following these budgeting tips from our Flexers: 

1. Start Preparing Your Budget in the Fall 

It’s ideal to start preparing your budget a few months before the year ends. This will give you ample time to gather all necessary data, analyze it, and make well-informed decisions. Plus, starting early ensures that you’ll be buttoned up for tax season. For most businesses, we recommend starting in the early fall. 

2. Create a Model From Your Current Financials

Your budget should be an extension of your current financial situation. Use your existing financial statements as a template. This ensures consistency and makes it easier to see year-over-year comparisons. Visit our accounting and finance page to get more insights on financial modeling. 

 3. Don’t Overcomplicate It

Simplicity is key. While it’s essential to be thorough, you don’t want to get lost in the weeds. Ensure that your budget is comprehensive yet straightforward. Rule of thumb: if a team member can’t understand or navigate the budget easily, it might need to be simplified.

4. Use Your Budget as a (Loose) Guide 

Remember, your budget for the calendar year is not set in stone; it’s a guide to help you navigate financial decisions throughout the year. Think of it as your financial GPS, guiding you toward your goals and alerting you if you veer off course.

5. Update Your Budget Regularly 

While the budget is prepared at the end of the year, it’s crucial to review and adjust it periodically. Depending on the volatility of your industry and business dynamics, consider monthly, quarterly, or semi-annual reviews. This type of strategic budgeting will help ensure you’re on track and allow you to make necessary changes if unforeseen events occur.

6. Use Historical Trends

Past performance can often hint at future trends. By analyzing historical data, you can spot patterns that will help in forecasting. It will also enable you to set realistic and achievable goals.

7. Budget VS Forecast: What’s the Difference? 

While both budget and forecast are finance related, they serve different purposes: 

  • Budget – An annual budget is a detailed plan of what you expect to happen based on your set strategies and decisions. It’s a target you aim for. A budget remains relatively fixed.
  • Forecast – On the other hand, a forecast is an updated version of the budget based on actual performance and current conditions. A forecast can change depending on your current situation and provides a more realistic expectation of the financial outcome. 

Navigate End-of-Year Budgeting With Flex

End-of-year budgeting is about setting a clear direction for the future. With these tips, you can set your financial plans in motion for 2024! Remember, a budget offers a roadmap, but flexibility and regular updates will ensure you stay on the right path. If you’d like help with budgeting, you’re looking for budget plan ideas, or you have questions about any of our tips above, reach out. We’re here to help!

Linkedin Facebook Instagram

200 Southdale Center, Suite 47 | Edina, MN 55435 | 612-289-8129

©2021 Flex-Able Solutions, LLC. All rights reserved Reserved.

10 year badge