Follow our quick guide to budgeting your warehouse expenses for the new year.
Review Last Year’s Reports
The first step to creating a new budget is to check your totals from last year. Were there emergency expenses you didn’t plan for? Did you have to hire any new staff? Have certain expenses increased in price? These details will help you make smart decisions for next year.
Figure Out Your Projected Revenue
Based on the data from last year, you also need to know how much money you can expect to make in the coming year. If revenue is trending upwards, you may be able to budget for extra expenses, like hiring more staff or splurging on new equipment.
Cut Costs Where You Can
Part of budgeting your warehouse expenses for the new year is trimming the fat. This means cutting away any expenses that aren’t helping your business. Maybe you’re paying for a fast delivery service that isn’t performing as promised, or you need to change security companies. Perhaps there are jobs in your warehouse you could combine into a single role.
One thing to never skimp on is heating and cooling in your warehouse. It may seem unimportant, but extreme temperatures like cold can affect conveyor belts and even make plastic packaging brittle.
Always Budget for Emergencies
Before you can start planning what to do with the additional profit you expect to make, always be sure to budget for emergencies. Equipment breaks, employees get sick, and you don’t want to get stuck buying a new forklift when your budget’s in the red. Always account for the necessities and emergency funds before making plans for non-essential purchases.
Planning a warehouse budget has its challenges, but with the right amount of planning, you can develop a solid strategy to carry you into the new year. Follow this guide to stay on track and put your money where it matters most.
Image Credit: The man holding tablet to checking the stock products By KM.Photo FILE #: 435805262
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