Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster.
When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look into your accounts and dig out the real figures. It might sound like hard work but it’s worth it.
A forward-looking budget will tell you how much you:
- spend running the business
- can invest to improve the business
- can pay yourself (and any shareholders)
- could save in certain areas.
The following article by Xero gives you an overview of the numbers you need to be clear on when creating a budget. Read more here.
Setting a budget isn’t complicated but it can still help to involve an expert. We can double-check the numbers and help you make realistic predictions about business growth, upcoming expenses, and tax exposure. We’ll also advise you on what to do if the actual numbers deviate from the predicted ones.
Get in touch, we are here to help.