Do any of you do a yearly budget for your operations?. Sorry to say we have not really done a “formal budget” for our properties since buying them…Of course it’s always a part of the business plan, but once operating there always seems to be so much day to day duties and putting out fires that there is never enough time for more long range planning. In these days of cost cutting and attempting to maximize profits, I can see where it would be a useful tool and I am putting together figures for my next fiscal year.

I am wondering, if any of you have done a formal budget, have you found it useful, and how did you go about planning your budge?. Any ideas you care to share would be appreciated