basic budgeting

Basic Budgeting for Your Small Business

Basic Budgeting for Your Small Business

When starting a business your head is often filled with grandiose dreams of becoming the new leader in your sector or changing the way the market works with your offering – it is unlikely that the prospect of drawing up a budget was what excited you about becoming an entrepreneur. But budgets are absolutely crucial in keeping control of your business and ensuring you have a realistic roadmap for success. This article will provide you with an introduction to creating a budget – we cover sales, costs and cash budgets, and how to convert these into a projected balance sheet. Finally, we examine what to do when your actual figures differ from predictions, and the steps you can take to address this. How do I draw up a sales budget? A sales budget essentially predicts how much you expect to sell... »