Mastering your budget is essential for strategic planning, but when’s the best time to start? In a recent feature on Entrepreneur.com, Executive Coach and Founder Adriana L. Cowdin shares insights alongside 18 other industry experts on the ideal moments to prepare budgets and forecasts. From utilizing Q3 as a planning window to embracing continuous budgeting for long-term success, this guide offers actionable advice to elevate your financial strategy.
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Start Budgeting August to November for Growth
I believe the best time to prepare budgets and forecasts for the next calendar year is from late August through early November. Starting in August/September with a strategic growth plan for 1, 3, and 5 years lets you align your vision with actionable goals. By October, you can dive into forecasting and budget needs, ensuring that by December, you’re equipped with clear priorities, resources, and budgets for the coming year. This approach means you’re ready to launch January with a growth-focused plan and the resources to make it happen, avoiding the typical scramble to start strong in Q1.
This is the process I’ve followed for my companies for over a decade. It has worked well, resulting in a successful exit in ’23. My newest company has grown per our goals in ’24 and we’re already deep into our ’25 planning and budgeting.
