bake - October 2014 - 30
DON'T FORGET ABOUT YOURSELF
TD Ameritrade's Self-Employment and
Retirement Survey reports that almost
70% of self-employed people aren't saving
for retirement on a regular basis.
Some 40% don't save regularly, while
28% admit they don't save at all. By
comparison, just 12% of employees say
they don't save regularly and only 10%
don't save at all.
Small business owners face more
financial challenges than the traditionally
employed, including unpredictable income
(cited by 61%), which can make it hard to
save for retirement. And they frequently
have to spend more to afford health
insurance than do employees, which can
chip away at money that might otherwise
be earmarked for retirement.
The retail bakery business doesn't remain static
throughout the year, quarter, etc. Owners and
managers must remember this when creating and
reviewing budgets. A first budget will uncover
unforeseen problems and provide useful information
when deciding how you want to handle these
problems in the future.
Overtime working and re-working budgets will
provide you with a detailed plan for when and how
budgets need to be set up throughout the business
year in terms sales spikes and drops as well.
The Basics
Spend some time and think about your budget.
Make sure you work at it and avoid a half-hearted
attempt that could possibly put you in a bad financial
situation. Whether you budget for the next five years,
three years, one year or just for the quarter, a few
basics exist that will help ask and answer budget
questions.
If you haven't already, make contacts with other
Retirement plans today offer more options
than ever before. There are even 401(k)
plans for one-person businesses and
plans that allow you to make irregular
contributions when your income allows it.
retail bakeries, especially in your area and region.
Ask questions about budgeting specifically. While
every retail operation is different, other successful
bakery owners can share insight into unseen budget
considerations.
For the retail bakery, budgets need to have some
profits, lower their expenses, or both. The best part of
wiggle room. Remember that flexibility in your
the budget is that it enables a bakery to forecast the
budget provides safety for months that revenue
future. Once the period that was budgeted has past,
falls short. Also, some months might bring in more
you can then review it and figure out where you need
revenue than expected. You should prepare to adjust
to make adjustments.
on the fly when necessary. Always make conservative
estimates, have an alternative plan to handle any
Don't overlook the
advantages of spending
some extra time and
effort on a budget and
remember that budgeting
is a work in progress.
30 < OCT 2014 | bakemag.com
extra profits wisely and continuously look for ways to
cut costs without jeopardizing quality.
Always shop around and get multiple estimates
when spending money, especially on big spends. The
cheapest isn't necessarily the best. Look for overall
value on purchases and plan ahead for them by
beginning to shop in advance.
The internet provides a wealth of free resources
when it comes to budgeting. Take advantage of every
possible one out there.
http://www.bakemag.com
bake - October 2014
Table of Contents for the Digital Edition of bake - October 2014
bake - October 2014
Editor's Note - Hard Choices, Big Results
Table of Contents
News Bites - Ardent Mills Sponsors Bicycle Tour
Dunkin’ Donuts Returns to California
Carlo’s Bakery Raises Bar for Vegas Cakes
My Favorite Things
Management - Identity Power
Labor Front - Holiday Scheduling
Food Safety - Storing Food Safely
Legislation - Record-keeping Mandates
Ingredients - Pecans & Walnuts
Define Your Design
Budgeting Basics
Remodeling in Style
Grains of Change
Holiday Specialties
Shape with Care
Festive Cakes & Tortes
Greek Sweets
A Brief History of Baklava
Cafe - Soup & Sandwich Specials
Cafe - Innovative Beverage Options
Products
Product Showcase
Classifieds
Ad Index
bake - October 2014 - bake - October 2014
bake - October 2014 - 2
bake - October 2014 - bake - October 2014
bake - October 2014 - 2
bake - October 2014 - Editor's Note - Hard Choices, Big Results
bake - October 2014 - 4
bake - October 2014 - Table of Contents
bake - October 2014 - Carlo’s Bakery Raises Bar for Vegas Cakes
bake - October 2014 - 7
bake - October 2014 - My Favorite Things
bake - October 2014 - 9
bake - October 2014 - Management - Identity Power
bake - October 2014 - 11
bake - October 2014 - Labor Front - Holiday Scheduling
bake - October 2014 - 13
bake - October 2014 - Food Safety - Storing Food Safely
bake - October 2014 - 15
bake - October 2014 - Legislation - Record-keeping Mandates
bake - October 2014 - 17
bake - October 2014 - Ingredients - Pecans & Walnuts
bake - October 2014 - 19
bake - October 2014 - Define Your Design
bake - October 2014 - 21
bake - October 2014 - 22
bake - October 2014 - 23
bake - October 2014 - 24
bake - October 2014 - 25
bake - October 2014 - 26
bake - October 2014 - 27
bake - October 2014 - Budgeting Basics
bake - October 2014 - 29
bake - October 2014 - 30
bake - October 2014 - 31
bake - October 2014 - Remodeling in Style
bake - October 2014 - 33
bake - October 2014 - 34
bake - October 2014 - 35
bake - October 2014 - Grains of Change
bake - October 2014 - 37
bake - October 2014 - 38
bake - October 2014 - 39
bake - October 2014 - 40
bake - October 2014 - 41
bake - October 2014 - Holiday Specialties
bake - October 2014 - 43
bake - October 2014 - 44
bake - October 2014 - 45
bake - October 2014 - 46
bake - October 2014 - 47
bake - October 2014 - Shape with Care
bake - October 2014 - 49
bake - October 2014 - 50
bake - October 2014 - 51
bake - October 2014 - Festive Cakes & Tortes
bake - October 2014 - 53
bake - October 2014 - 54
bake - October 2014 - 55
bake - October 2014 - Greek Sweets
bake - October 2014 - A Brief History of Baklava
bake - October 2014 - Cafe - Soup & Sandwich Specials
bake - October 2014 - 59
bake - October 2014 - Cafe - Innovative Beverage Options
bake - October 2014 - 61
bake - October 2014 - Products
bake - October 2014 - Product Showcase
bake - October 2014 - Classifieds
bake - October 2014 - 65
bake - October 2014 - 66
bake - October 2014 - Ad Index
bake - October 2014 - 68
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