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Old 30th November 2013, 08:35 AM   #1
BeBizsmart
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Post Five Reasons Why Your Small Business Needs A Budget

Business owners are amusing. Many of them claim to be too busy to find time to come up with an annual budget, despite the fact that having that same budget could indeed free up their time!

Unfortunately, that’s how things are. Sometimes you can’t but begin to wonder: Why wouldn’t a businessman want to plan out what they want their business to achieve in the next year? Why wouldn’t anyone want to know how much they are making in relation to how much is being spent? Why wouldn’t you find the time to engage in such an important endeavour?

As simple and basic as it may sound, a budget can change a business in an almost miraculous way. But it’s hard to realise that until you do your first budget and witness the benefits for yourself. See how your business could benefit by simply drafting a budget: http://boardroomtalks.com/five-reaso...eeds-a-budget/

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Old 3rd December 2013, 12:54 AM   #2
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A budget is a must for your business, otherwise you might spend more money than you have and will struggle to make ends meet. Create a budget based on the money you know you have coming in each month. Consider your income, expenses, emergencies while preparing.

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Old 3rd December 2013, 08:59 AM   #3
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I support businessmen who stick to their budget and count all the wastes and earnings. I think if businessmen themselves have no time to deal with budget details there is always a possibility to hire a specialist who will be responsible for that.

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Old 5th December 2013, 12:11 PM   #4
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If you're a sole entrepreneur for instance and you have some time on your hands (we can spare even a day doing something crucial like this, eh?) it would even be better than hiring a 'specialist'. After all, the more expenses keep piling up, right?

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Old 15th January 2014, 07:29 AM   #5
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It is important to set a budget because it helps one to avert a financial crisis, plan for major financial needs and changes, make long and short term projection and analysis about the financial situation and it also gives one a peace of mind.

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Old 16th January 2014, 04:49 PM   #6
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Very good advice. Running a business is not a hobby! It needs to be strategic. And creating that strategic plan must be part of your week. Take 1/2 day each week and work ON your business. Wednesday morning from 8-12 for example. Shut off your phones, emails, etc and focus. Doing that will transform your business.

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Old 23rd January 2014, 05:15 AM   #7
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Quote:
Originally Posted by pbjoachim View Post
Very good advice. Running a business is not a hobby! It needs to be strategic. And creating that strategic plan must be part of your week. Take 1/2 day each week and work ON your business. Wednesday morning from 8-12 for example. Shut off your phones, emails, etc and focus. Doing that will transform your business.
Yeah, sort of meditation. It's guaranteed to do wonders.

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Old 31st January 2014, 10:44 AM   #8
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Running a business often requires owners to carefully plan and review their finances. Business budgets for maybe one of the most important accounting tools of company may use in their business.

Facts
Budgets usually represent a detailed analysis of how a company expects to spend money in future time periods.

Limit Expenditures
A major benefit to using a business budget is the ability to limit how much money is spent on certain operations.

Creates Financial Roadmap
Budgets often allow companies to have a financial roadmap for business operations.

Plan for Future Growth
Companies often use budgets to plan for future business growth and expansion. Capital saved on regular business expenditures may be placed into a special reserve account designated for selecting new business opportunities.

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Old 26th February 2014, 03:59 AM   #9
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From the fundamental tenet associated with company. Before you earn money you need to learn how to invest this. Composing the spending budget is really a crucial method to assist you to change your own desires for people who do business achievement in to fact. Employing this essential device you are able to monitor money available, company costs and today a lot of income you have to maintain your company developing.

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Old 11th March 2014, 12:15 PM   #10
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I agree that budgets are critical to running a business. Creating an annual budget helps you think strategically and consider all of the operations from a higher perspective. You must look at sales, marketing, employees, rent, maintenance, computer, travel, etc. and consider the financial impact on your business in advance. When else do you do this?

The annual budget also helps you consider major expenses, called capital expenditures, in advance. Many companies pull money to pay for capital expenditures out of their regular operating cash flow only to find they now have a cash flow shortage. By considering any large capital expenses in advance, you can plan accordingly. You can obtain some type of loan to pay for it. For example, to purchase $15,000 in computer servers you could enter into an installment payment plan with the server provider or obtain a bank loan or enter into a lease agreement.

In addition, businesses must depreciate capital expenditures over the useful life of the item(s). So if you were counting on a tax deduction for the money you spent, think again. You'll only be able to claim a portion of the funds spent in the first year! If you'd mapped out an annual budget which included capital expenditures, you'd have realized this!

Tracking the budget then helps to stay on course. It also helps you to quickly see where expenses may be rising too fast or where sales are taking off. This alerts you to potential changes you may need to make in your business.

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