Glimesh Budgeting

Wanted to start this discussion here so that we can talk about some budgeting.

Right now in the early stages I think budgeting should be pretty straight forward as there are not a ton of expenses and we also each month have the full financials that we are looking over.

But I was thinking we could look a bit into how we as Glimesh will budget and set aside funds for things like adverting (paying for ads, giving away merch, hosting or joining events, ect ect), misc expenses, and eventually other things.

I don’t think we need to get super complicated in this but I think that having goals and purposely setting aside money for certain things I think that we can get some good stuff done.

I think we need to make a goal of determining

1.) Tools to use
2.) Method of Budgeting
3.) Process to allocation
4.) Anything else.

So my thoughts

1.) We can start with a shared Google drive sheet. I don’t think we need to get anything fancy unless someone knows a good option.

2.) My thought was we could start with going off of the current monthly numbers and basically list out what our fixed costs are and what variable costs we may have. We should add things like marketing budget and all that so we can allocate those accordingly.

Then from there we get a rough idea of what we believe we will earn the next month and what we expect our next month’s costs to be.

Add everything up and see what our final numbers will be. We can then the next month put in our actual and budget the next month again.

3.) I think that when it comes down to how we allocate (budget) funds I am not sure what the best process would be for that. Whether we just decide this is what we are going to do and enter a number and have people approve it or if we discuss the number and then approve I am not sure what the best would be. Personally thinking I would think it would be best to just for now use reasonable numbers and go without overcomplicating things to get it started would work out. But I can see a bottle neck happening here. Also some numbers will be easy and others not so much.

And I couldn’t think of anything else.

So I just made this up to kind of have a simple proof of concept of using sheets to do this

All the numbers are completely made up but I think that we could add categories of things we want to budget for and add it to this and put it in the sheet then basically determine what we want to do with what.

This would help visualize what we’ve committed to spend as well as see what our available balance is if we were to spend that money. Also I think that this would help us use our money to help us grow in a more efficient way.

So did a little updating on the spread sheet. You can see on page marked August 2021 the difference between what we budgeted vs what actually came out.

I’ve also added another page marked September 2021. Where September is already halfway through this would literally just be proof of concept numbers but I think that we could potentially use this setup to get some ideas on how to effectively use funds in a budget setup.

I think we should first ascertain priority order for things.

Obviously day to day things which keep the platform running and alive need to be top priority.

Right now i know targeted marketing campaigns aren’t so much.

But hiring someone to help with the RTMP is.

When the RTMP and Mobile app launch the priorities will change and we should be ready for that.

We should perhaps also be looking to allocate how much we are giving to charities. I think its great we do so, but I think in a more consistent manner would be easier for book balancing.

Just my initial thoughts.

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Fully agree. How does the template look? Is it organized well? Easy to understand? Any potential improvements?

Yeah I think that is pretty straight foward to follow. Not sure I see anything glaringly obvious missing, though it has been a long time since I did a budgeting book cos I have had a template set up that works for me for years now :sweat_smile: I assume “sub contract” is where any temporary paid employment wages will live?

It may be worth at some point splitting the marketing/business expenses as marketing becomes more defined in its needs/wants and demands. But for what we need right now, i think that it looks good.