Last week’s article extolled the virtues of budgeting…and the vital reasons why your business – and EVERY small business – should create and operate with
If you’re like a lot of small business owners and entrepreneurs, just the thought of a budget might make you cringe. As a group, we
In addition to checking the data accuracy and closing the books, you should think about and plan for the up-coming year. Be sure your tax objective is aligned with your business goals.
Start by reviewing the numbers that show your actuals (from your P&L report), your forecast (based on where you think you can make adjustments), and the difference or variance for each line item. Now you have a working budget!
It might make it easier (and more palatable) to think of budgeting as profit planning. If you have a profit plan in place, then you can truly track your income and expenses in a fashion that gives you a clear plan as to how to increase your revenues and where to cut your overhead.