When budgeting, do you over-estimate purchases to ensure you have enough money?ġ1. Do you look for offers and deals prior to purchasing items?ġ0. Do you plan inconsistent purchases (haircut, clothing, etc) so they do not fall at once?ĩ. Do you review your bank statements regularly to look for errors?Ĩ. Do you pay mainly in cash for your purchases?ħ. Do you compare the cost of items (groceries, supplies, etc) at many shops before buying?Ħ. Do you avoid carrying a balance on a credit card to avoid paying interest?ĥ. Do you put a little bit of money aside regularly in case of emergencies in the future?Ĥ. Do you know how much your fixed costs (rent, utilities, etc) total each week/month?ģ. Do you know how much money you have to spend each week/month?Ģ.
Answer each question honestly, then total up your “yes” answers and match the number to the explanations at the end to find out if you budget wisely.ġ. QuestionnaireTo help you reflect on your budget we have devised the following questionnaire. Yet budgets are imperative for students who must get by with limited funds and don’t want to take on any more debt than they must. NO.Keeping to a budget is a skill that does not come naturally to most people, after all everyone enjoys a nice treat every now and then. When should we discuss how this gets paid for? How do you budget for projects, items, etc. What is the target for this project, part, item, etc.?Ĥ. How much has been budgeted for this project?ģ. What were you planning on spending for _?Ģ. Your parents want you to be successful.Ī few suggestions to help you broach the topic (notice the open-ended questions that don’t beg them to say “NO” to):ġ. Now that we’re in sales we remember how talking about money is like talking about voodoo - & we don’t do it.
So, ask.ĭid you grow up in a household like me where you weren’t supposed to talk about money? Did you ever get “shushed” for asking how much something cost? Did you ever get in trouble because you knew how much something costs? Hell, I still get shushed when I ask how much my sister’s wedding cost my parents! Those are some pretty deep-rooted lessons. The problem is you! Your fear of asking is costing you & your company valuable time & wasting big dollars.
The fact that you are a for profit company (or at least that’s the plan) is not a surprise to them. Know this: Your prospects & customers know your products & services cost money. So, stop worrying about what they are going to say & ask the question. We can’t do a thing about what our prospects & customers say in answer to the budget question. But that does not mean prospects won’t have “the money conversation” with us. If they uncovered that there was $25,000 in the budget the salespeople that preceded us would find a way to charge $24,999. The salespeople that came before us screwed it up for us. Some don’t want to share budgets & spending plans with salespeople. No question, from time-to-time, prospects play it close to the vest. The question is: Why do you sometimes answer, “I don’t know.” “They wouldn’t tell me.” “They don’t have a budget.” “They don’t know their budget.” “They wouldn’t share it with me.” If you have been in sales for longer than a week you have been told, ” You have to uncover their budget.” Your director or manager has asked, “How much money are they willing to spend?” “What’s the budget?” “What’s their target price?” “How much money do they have?”īeen there? Of course, you have.
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