A carefully crafted budget helps business owners accelerate their growth.
Year-End planning means it is time to drop an uncensored B word: Budgets.
More than just a spreadsheet packed with projected revenue and expenses, a detailed and thoughtful budget gives business owners the clarity and confidence they need to tackle the year ahead.
Building an “official” budget indeed takes time, curiosity, and balanced doses of reality and aspiration—which is probably why almost half of American small business owners end up overlooking this vital tool.
What are you missing if you don’t do a budget this year? PLENTY.
A clear, proactive financial plan that aligns with your quarterly and annual goals.
Greater predictability and control over your finances, including your cash flow and expenses. Never get caught off guard again!
A way to plan for the unexpected by allocating and tracking a consistent proportion of revenue to an emergency fund.
Adequate tax preparation.Because no one likes an unexpected tax bill.
Lower stress and fewer bottlenecks.The budgeting process includes a review of past performance to uncover revenue and expense gaps, identify opportunities for growth, and create a performance plan that trickles down to every employee.
Goal tracking and accountability.Budgets provide excellent opportunities for KPIs (key performance indicators) as well as the impact of quarterly initiatives.
Better, faster, smarter decision-making. Building a strong budget is one of the most efficient uses of your time as a business owner. “Knowing your numbers” allows you to react and adapt quickly to deviations and opportunities—so you never leave money on the table or, worse, throw it down the drain.
“Budget” may not be your favorite “B word” - but it is easily the most critical tool for business owners who want to grow and scale quickly in 2023.
