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Budget Interview

 


  1. What is the biggest expense in your business? At this point in time it is probably the product.

  2. What is the most difficult part of creating a budget? Knowing how much product to order without completely over ordering because you dont want to have a bunch of product left over that doesn't sell.

  3. How often do you stay within your budget? Oh I have to stay in my budget, all the time. I am out of debt and plan to stay that way. I don't borrow money so my budget is very important to me.

  4. How do you determine where budget cuts will be made? It just depends, I try to glance at things every month and see where we are at, if we don't need something and what we can cut out.

  5. What happens when you are consistently over budget? (refer to question 3.)

  6. Have you ever had to lay off an employee because of a budget cut and what was that experience like? Yeah, I had to lay off Heber and Lucas recently when COVID hit, it is what it is.

  7. Is there any leeway in going over budget? As in, if you go over by a given amount will your business still be profitable?

  8. How often, on average, would you say you are under budget, if ever? I try to be all the time.

  9. What do you do, if anything, if you are under budget? Do you purchase something your business needs? Do you use those funds in anyway? Yeah I will try to purchase more product because then I dont have to pay as much in tax.

  10. What is one part of your company’s spending you feel ok with being a little over the budget? Again I think the answer is the product, I produce quality inventory and I want it to stay that way.

  11. What is one part of your company’s spending you do not feel ok with being a little over budget?

  12. How often do you analyze your budget and make necessary adjustments? I try to do this once a month, kind of sit down and see what needs to be done and then do it. I do a big one about once a year, or maybe every 8 months or so.

  13. Who helps you to cut budgets? For now just me.

  14. Who helps you to create budgets? " "

  15. What ways can you cut budgets without laying off employees? N/A

Dan Williams, MK sports nutrition (Outdoor supplements).

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