Are you creating your small business budget for 2015? We have set out some of the key steps to help you achieve success as you map out the year ahead:
1. What is the purpose of your small business budget?
As a tool for goal setting and accountability, nothing beats having a budget. But what is the purpose of your budget? It really comes down to financial goals for the year ahead and how you will allocate resources within your business. It’s amazing what you can achieve if you know what you need to do to make things happen.
Know why you have a budget and how it will be used over the coming year. It means the effort you put into creating your small business budget will pay dividends.
2. Are you thinking of the money only?
The biggest reason we see small business budgets fall apart is that there is no connection between their business numbers and operations! Simple. Its easy to forecast what the numbers can look like in a perfect world. We all guilty of that in one way or another. But it is harder to play with the numbers when you need to think about your operations. So what does this actually mean?