April 17, 2020

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BUDGET IS NOT A DIRTY WORD

 

When most people hear the word "budget" they think it's a dirty word but it doesn't have to be. A budget put simply is just a plan of how you want your finances to look over a time period. In most cases 12 months is a good time period to start with.

 

As they say, if you fail to plan you plan to fail. The key reasons your small business needs a budget are as follows:

 

1. Helps to make decisions regarding allocation of expenditure such as advertising, marketing, hiring a new team member or purchasing a new piece of equipment.

 

2. Provide direction so that you have a clear path of expected revenue for example and if a growing business what the revenue looks like after 12 months of continued growth.

 

3. Assist with financing - sometimes the bank will request a budget to obtain finance and if you already have one in place it won't delay the process.

 

4. Prepare for holiday periods - it is very important to budget so that during the quieter periods the expenses are kept to a minimum

 

Contact us today if you need help with a budget or forecast. We also have our Business Live Dashboard which assists in comparing your budget figures with actuals in an easy to understand graphical dashboard. Our Business Live Dashboard & monthly expert reporting provide transparency and visibility across your business, focusing on profit not just revenue.

 

 

 

Natalie Lennon

Founder & Director

Two Sides Accounting

02 9030 0269

www.twosides.com.au

@twosidesHQ

natalie@twosides.com.au 

https://twitter.com/nat_lennon

https://au.linkedin.com/in/natalielennon

 

 

 

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