In Pursuit of Profit
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However, budgeting is one of the most important strategic functions businesses can use to drive growth. As Victor Butcher explains, “The bottom line on why to draft a budget for your business is that it will help you figure out how much money you have, how much you need to spend, and how much you need to bring in to meet business goals.”
New businesses need a formal budget as much, if not more, than more established organizations to be profitable. During startup and subsequent periods of transition, budgeting regulates spending to:
While some companies simply find a sample budget online and plug numbers into a template, other organizations understand the value of thoughtful sequential budgeting. Equipping employees at all levels to be part of strategic budgeting sets high-growth businesses apart from their competitors.
Well-executed budgeting requires six essential steps:
If you need assistance with creating a budget for your business, we have a team available to give you the support you need. Please take a moment to contact us here!