Entrepreneurship in Child care Services

Entrepreneurship in Childcare Services 4 (2+2)

Lesson 24 : Budgeting in Child Care Centers

Introduction to budgeting

A budget is a statement of goals for one year expressed in financial terms. The financial operation of a center should be as smooth as possible to ensure that the entrepreneur can maintain control of the finances. Poor financial management leads to

• Constant lack of funds
• Continuously hinders personnel as they work to achieve programme goals.

Every center needs a long range financial plan and a plan for the upcoming year. A money management system including both policies and procedures is essential. As high quality child care is expensive funds must be allotted properly to provide a developmentally sound program on which children and parents can depend.