On this episode of ClearTalk, our President, Joel Harris, is joined by Eric Morris, CFO at Wayne Automatic to discuss why budgeting is important for the success of your integration business.

“You wouldn't go bowling if they covered the pins and you couldn't see how many pins went down. It’s the same thing in this great game of business - you need to know the score.” Eric Morris

Many integration companies are privately held family-owned business, and many of these businesses, in Solutions360’s experience, think budgeting is just for corporate businesses, or something to present to a bank.

However, a budget is a tool that integrators can use in their day-to-day or operational oversight. It’s critical to develop a budget that you can use throughout the year to help monitor and measure your success.

“The most important thing about budgeting is to help you do course correction,” says Morris. “But if you haven’t set a course, you can't do a course correction, no matter whether you're publicly held or privately held.”

Events change rapidly, particularly in the environment we’re in today. Integrators need to know when to pivot. But if you don't first establish what direction you're headed, you can't measure when you're out of sync with the planned outcome. Plus, you lack the ability to pivot quickly when you're not in sync with the planned outcome.

Do you have a 2023 budget for your integration business?

Solutions360 hears all kinds of excuses that integrators offer for not building a budget. Listen to the podcast as our experts go through the top four excuses along with their top four reasons why all integrators should have a 2023 budget.

Convinced that having a budget is a good idea? Stay tuned for Part 2 of this podcast, as we continue the conversation with Best Practices for Creating a Budget.

Don’t miss this episode if you want your integration business to grow and thrive!