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... »

Quarter of UK Businesses Not Prepared for Rise in Bank Interest Rates

Majority of companies preparing for a rise in interest have factored a rise of only .25% Research shows that 26.5% of UK businesses have not factored the rise of bank interest rates into their financial planning. The report, which was commissioned by Company Watch and consisted of 500 UK businesses, revealed that of those businesses that have factored interest rate rises; the biggest group at 40% are prepared for an increase of just .25%, followed by 30% who are predicting a .75% rise and finally 25% are factoring a .5% rise in their business’ financial plan. The survey, which was conducted by market research group OnePoll, also asked correspondents how they planned to cover increased charges. While 70% are currently in discussion with banks to lock-in current debt terms, 30% stated that t... »