Luxury Coach & Transportation

January 2019

Magazine for the professional limousine, charter and tour industry.

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8 LUXURY COACH & TRANSPORTATION JANUARY 2019 WWW.LCTMAG.COM Stats, facts, faces, and products from the chauffeured luxury and motorcoach transportation industries. LuxuryTransportation Scene 1.19 BY THE NUMBERS FOR MORE NEWS GO TO LCTMAG.COM AND FIND LATE BREAKING E-NEWS AND BLOGS ABOUT THE INDUSTRY. This issue spotlights the theme of corporate clients, money, and sales. One major aspect of this topic is budgeting. Few business owners can pull off good finances by winging it or going with their gut. That means you have to budget, plan, and monitor the numbers to ensure a profit margin that supports your livelihood. How often does your company adjust its annual budget throughout the year? Source for all above: GetApp Lab GetApp surveyed more than 200 leaders who work in U.S. small and midsize businesses and play an active role in setting their company budgets. 56% adjust their annual budgets throughout the year. 33% adjust annual budgets based on activity performance. 45% use ad hoc budgeting throughout the year as needs arise. 45% do not use zero-based budgeting at all. 43% use software running on their servers to manage annual budgets. Recommendations • Shift your budgeting and forecasting process from annual to dynamic planning. • Use dynamic planning to allocate budget for high-impact projects. • Learn more about how advanced budgeting tactics can grow your business. • Research and shop for budgeting software to manage the process. I don't know Other Quarterly Bi-weekly Monthly Bi-annually Annually 3.6 11 9.2 0.9 0.4 56.2 18.4 Start-Up Capital Median Earnings The Wells Fargo Small Business Index suggests the average amount of startup capital is $10,000 , while the Kauffman Firm Survey suggests the average is closer to $80,000 . Intuit, however, echoes Wells Fargo's number and has found most of that amount is self-funded. According to PayScale, the median income for a small business owner is around $59,000 per year, with most people falling into the range of $26,000 to $153,000. Image: www.freepik.com

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