I’m sure you’ve heard of a budget for personal use… You probably have one you follow. Why wouldn’t you have a budget for your business?
We’ve all been on that road in personal finances where you need to set a budget to reach your financial goals. But do you do this for your business too? By not setting a business budget, how are you planning to reach your financial goals in business? We can set all the income goals in the world, but if we aren’t also budgeting for the actual & possible expenses in business then we can’t accurately plan how the business is going to grow and scale.
Plan Your Expenses
Do you know what your business expenses are? Do you know how much they are going to be or when they are due? Can you actually reduce these expenses?? Find out 4 Quick Ways to Save Money in Your Business.
By doing up an annual business budget you can accurately track what your expenses are going to be and when! This is absolutely key when planning your cashflow!
Knowing what your expenses are going to be and when is the first step in forecasting your cash-flow! Find out more about how to keep on top of your business cash-flow.
Set Income Goals
If you know what your expenses are going to be then you know the absolute minimum revenue you need to generate to meet those expenses.
What’s more, you can then plan the income you need to bring in to meet your profit goals!
You Can Plan How You’re Going To Generate This Income
So you know how much revenue you need to generate…. Now, how are you going to do it? Do you need xx clients on xx package each month? Do you need to sell xx products?
Set up a plan of HOW you’re going to MAKE that revenue come in!
You can plan your marketing activities
So you know how many clients you need to bring in, or how many products you need to sell. HOW are you going to bring in the clients or customers? How are you going to target your marketing to specifically gain this revenue??
For more amazing tips and plans to keep you on top of your business bookkeeping you should join my Facebook Group Brilliant Business Bookkeeping.
Did you know you don’t have to actually sign up for ongoing bookkeeping? You can get Monthly or Quarterly Support by contacting me and we can chat about the needs of you and your business!