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A How-To Guide for Creating a Small Business Budget

It’s no exaggeration when people say “every penny counts.” Just ask the guy who cashed in $5,000 in literal pennies. If you’re not planning (and tracking) where your dollars and cents end up each month, you’re missing valuable opportunities for cutting costs and putting money where it will have the biggest impact.

Creating a budget is the only way to see if you’re spending money the way you think you are. Not sure where to start? We’re here to help, with (hopefully) the only guide you’ll ever need for creating a budget for your business.

What is a business budget?

A budget is a detailed plan that outlines where you’ll spend your money monthly or annually.

You give every dollar a “job”, based on what you think is the best use of your business funds, and then go back and compare your plan with reality to see how you did.

A budget will help you:

  • Forecast what money you expect to earn
  • Plan where to spend that revenue
  • See the difference between your plan and reality

Read full article from Bench

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