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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

Natalie Lennon

Founder & Director

Two Sides Accounting

02 9030 0269


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