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Remember, in order for your business to work for you and not you for it, your business needs to make a profit.  And to do that, you need be laser-focused on the state of your money matters.  As easy as it is to get bogged down with the day-to-day problems of running a business, a structured budgeting process is the most effective way to keep your business finances on track.  Creating, monitoring, and managing a budget is key to business success.  It will enable you to concentrate resources on improving profits, reducing costs, and increasing returns on investment.

A budget is a plan to:

Creating a budget need not be complicated.  Simply This email address is being protected from spambots. You need JavaScript enabled to view it. to email Sonja your request for a complimentary budget template to be delivered directly into your inbox!

For budgets to be effective, you need to review and revise them frequently.  This is particularly true if your business is growing and you are planning to move into new areas.

1. Review your actual income with your budgeted sales - analysing the reasons for any shortfall (e.g. flat markets, under-performing products, new competition); any reasons for an unexpected or planned high turnover (e.g. where your targets were too low, did you introduce a new product offering, competitors closing down); and comparing the timing of your income with your projections in order to take action if needed to recover losses, and also to set more accurate budgets in the future.

2. Evaluate your actual expenditure and compare it to your budget – looking specifically at any reasons for changes in the relationship between costs and turnover (exchange rate impacts could be a big one), and differences in the timing of your expenditure. 


By basing your budget on your business plan, you will be creating a financial action plan

make time to budget, involve the right people, create a realistic budget, use last year as a guide

Contact Sonja NOW for accountability and increased confidence when it comes to addressing financial issues.
083 256-0378   |   This email address is being protected from spambots. You need JavaScript enabled to view it.


Next week:
How to get people into your business by generating leads.