Business Budgeting: A Real-World Tutorial in Lakewood
In the face of COVID-19, businesses of all sizes and industries are facing an uncertain financial future. Those who have already taken the time to develop a business budget to guide their finances may find themselves in a more favorable position, while those who have no budget are starting to see the value of developing one.
In its simplest form, a budget outlines the fixed and variable business expenses and compares them to your projected monthly revenue to ensure two things:
- You’re not spending more than you make, and
- You understand where your money is going so that you can make quick adjustments in a pinch.
When developed correctly, your business budget can serve as a valuable financial tool that directs your decisions and helps you maintain a healthy bottom line. You’ll know exactly what it takes to turn a profit, find ways to save money without sacrificing quality, predicting “slow” months, and finding opportunities to invest leftover funds for future growth.
We’re covering the basic steps of developing a business budget to help you get started. Over time, your budget can serve as an anchor point for short and long term growth and help you weather serious storms like COVID-19.Read More.