Welcome to the financial page. I’m your host – Ben. I’ve been on the other side for exactly 227 years, but if you know anything about me you know I still make and save money with the best of them, read about it HERE…. In the 18th century I wore many hats on purpose; for you in the 21st century it is simply a matter of necessity. So being a connoisseur of technology myself I want to teach you the importance of being a connoisseur of finance.
Being a penny wise person helped me fund my scientific experiments, build a nation, converse with titans of education and commerce, and allowed me to live a life few then or now can live. Mastering money made me a master of time – time which allowed me to do those other important things.
So let us start with the most important living person in the room – you and some important questions to ask yourself before beginning a budget.
In my era global commerce was but an infant and business was conducted with a handshake. In your time, business is digital, but the fundamentals never change. We too were interested in cost efficiency of services whilst improving customer value. The philosophers at KPMG and Appito have done a wonderful job explaining the modern concept termed- Technology Business Management which drives those goals. For my humble part, I’ve collected some great links to help you do more for your clients with less of your hard earned time and money. Indeed, some things never change. To begin, here are some basic questions you need to be asking yourself:
- Where have you cut spending before where it helped? And hurt?
- What are the average/baseline costs of your technology and personnel?
- Does your technology road map include (hard/soft) income generation goals?
- What are your historic actual costs compared to the budgets you had 2 or 3 years ago?
- Does innovation have a budget? If it does, has income been the outcome? If not, why not?
- When was the last time you spoke to your vendors and their competitors about your bills?
- What are you spending money on this year that you don’t want to be spending money on 2 or 3 years from now? This should be done for both internal/external and direct/indirect expenses. Also see the performance section for more details.
For block specific ROI tools, just click the pictures below and get ready to rock your balance sheet! Some of these links are mobile friendly -some are unfortunately stuck in my era (and are not). Remember, no ROI tool will tell you everything you need to know, but it can help you think about things you might have missed.
If you find yourself continually using these links, please send the owner(s) a note of thanks. I always like hearing from you too (hint, hint).
Peace be with you friends… and indeed, there is no try.