Business Budgeting

Mapping out your business future

A key part of your business planning is your budget. Without a well-thought-out budget, you’ll have little chance of controlling that all-important cash flow. You won’t be able to plan for future expenditure or growth or allow for unexpected costs and expenses.

Keeping on top of expenditure
Is your business growing? If so, being hands-on with every part of it will be near impossible. You might find you have to split your budget between different areas of the business – sales, production, marketing, etc. When money starts to move in different directions throughout your organisation, having a budget will be vital to ensuring that you stay right on top of spending.

What exactly is a budget?

A budget is a plan to

  • Control your finances
  • Ensure you can fund your commitments
  • Enable you to make financial decisions and meet your objectives
  • Ensure you have enough money for your future projects

A budget highlights where you’ll spend your money and how you’ll finance that spending. However, budgeting is different from forecasting. A forecast is a prediction of the future. A budget is a planned outcome that your business wants to achieve.

Why should you have a budget?

To help you to

  • Manage your money effectively
  • Allocate appropriate resources to projects
  • Monitor performance
  • Meet your objectives
  • Improve decision-making
  • Identify problems before they occur – such as the need to raise finance or cash flow difficulties
  • Plan for the future
  • Increase staff motivation

Are you budgeting correctly for the short, medium and long-term future of your business? Talk to us about setting up a budget and using it to map your path to success. Get in touch. You’ll be pleased you did.

Contact us!

Tel – 01604 642727 or 01933 754050
Email – hello@gwaccounting.co.uk
Complete our submission form

Our goal is to help our clients solve their business problems and make their ideas come true.

Gardner Webb Accounting Limited © 2024. All rights reserved. | Privacy Policy