Let's talk Budget and View an Example
Have you incorporated a budget as a key financial tool for your small business?
Budgeting is detailed planning for the allocation of funds in a business. It is sometimes referred to as the financial picture of the business; i.e, how the business plans to spend its financial resources. Whether your business plan is for next year, for the next three years, or for the next five years, budgeting can help you keep on the right road. Deciding to expand your business whether it be by offering a new products or services, a budget is necessary.
Because operating a small business is not a cut-and-dried affair, the first budget you prepare often uncovers problems with your business plan and helps you determine whether or not your financial goals are within reach. The budget will also help you focus and select from alternatives to help make your business plan realistic and achievable.
In a small business, the year end profit should be large enough to make a return on your investment and return on your own work, i.e., pay you a salary. They key word here is, should!
Small Business Notes provides a budget example for you to review.
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