The word “budget” can evoke a range of different feelings: dread and disappointment or pride, a sense of direction and achievement. However you might feel about them, the truth of the matter is budgets are a highly underrated business tool.
Working for yourself means not only do you need to market your products and services and bring in new business, but you also need to manage your own financial accounts. You have to keep on top of the money coming in and out if you want to survive the first year in business. These five tips will help.
The lead up to the end of the financial year is a great time to understand how well your business has performed this past year, and what your targets are for the next year. This is where a financial roadmap, which incorporates a budget and a cashflow forecast, comes in handy.
The budget is the single most important management tool most businesses have. But when the budgeting process drags out, it becomes a painful waste of time. Here's the case for creating a tight, focused budget process that takes no more than three to four weeks.