Overview
A business budget is the most effective way to keep your business and its finances on track. Budgeting is important as it helps you to stay in control of your business.
A business budget outlines what you will spend your money on and how that spending will be financed. A budget is a plan to:
- manage your finances
- make sure you can continue to fund your current commitments
- help you to make confident financial decisions and meet your objectives
- make sure you have enough money for your future projects
Before creating a budget
You should collect historical information on sales and costs if they're available. These could give you a good indication of likely future sales and costs, and will help you to create your budget. You should also think about:
- what your sales plans are
- how your sales resources will be used
- any changes in your market or competitors
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