Lunch and Learn: Budgeting with Coach Ben Poswalk

In this lunch and learn, Kris welcomes Coach Ben Poswalk from Colorado to answer the first listener question from the amazing child care leader listeners. First up is Tomika Roberston of A Giant’s Playschool, who has a question about budgeting. She is wondering how to get started with budgeting as she transitions her home based preschool to her first brick and mortar center. And, how to take in consideration for events like parent’s night out, bonuses, grad events, etc. Ben shares some sage advice on measuring your information, accounting for fluctuations, and having support and a second pair of eyes.

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Here Are the Key Takeaways From This Episode:  

  • [8:19] Tomika is aware she needs to focus on creating a budget from scratch and to implement best money practices.

  • [10:33] Ben shares the importance of measuring and tracking data. Measure income first, then expenses.

  • [11:16] Make measuring and collecting data a habit, and have someone to help you on a regular basis.

  • [13:38] Get creative with ways to build parent relationships without breaking the bank, like potlucks or picnics

  • [16:28] You don’t have to get stuck in just giving out bonuses to show appreciation. Think creatively, whether it’s visible notes where people can see the nice things you and others say about them, donuts once a quarter, etc.  

  • [17:11] Getting your staff business cards also is an affordable way to make them feel more professional.

  • [17:50] How to use bonuses to build relationships with your team.

  • [18:20] What tools do most people use to create a budget?

  • [19:55] How to keep your business on track with your budget.

  • [22:00] Make the habit of actually looking at your numbers to ensure your business is going in the right direction.

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