Budgeting for The Unexpected

It’s the dreaded "B" word—budgeting. We’ve all been there: you make a budget, you start making purchases based on your budget, and then you get stuck with some expense that isn’t in your budget. Budgeting for the upcoming year can be a tedious process but is a crucial opportunity to reassess goals, look to the future, and try to plan for the unexpected. After the huge curveball that 2020 threw us, we know that planning and budgeting for those unexpected expenses can be hard, but necessary for the continued success of your business. After all, we can’t anticipate what we don’t see coming. Or can we?

Most of your business’s surprise costs aren’t unexpected. They’re just overlooked. Take a day or two and look through your current insurance policies. Take note of things like deductibles, and what is covered by your plan and what isn’t. Remember that when disaster strikes your business - like flood, fire, or mold -having a quick response or plan in place can save you money in the long run. The best, and maybe only, way to stick to a budget when unexpected expenses pop up is to expect them. Don’t wait for large insurance deductibles or last-minute obligations to find you. Be on the lookout! Make room for non-budgeted expenses, and instead of hitting a wall, you can hop a hurdle.

And when those pesky unexpected expenses do arise, don’t forget that Brookstone is here for you 24/7. Give us a call at 1-800-699-1970.