Business planning is one of the most disregarded and avoided elements of building a profitable business. It’s quite surprising since one of the top 10 reasons small businesses fail is due to poor planning. Poor planning simply boils down to not identifying the necessary resources, tools and strategies to be utilized in all areas of the business.
One key part of the business planning process is creating an annual and monthly budget. Budgeting is deciding how your financial resources will be allocated throughout the business. Think of your budget (or goals) as your road map to financial success. This road map will keep you focused and profitable, if you use it consistently to manage and grow your business.
No one knows the future and there will be unexpected revenue and expense challenges but your budget will guide and determine the actions necessary to achieve the level of profit you desire. Below are a few additional benefits of creating a budget for your business.
Benefits of Budgeting:
- Controls and monitors spending
- Measures the financial operations of your business
- Outlines projected revenues and expenses
- Ensures you achieve your business goals
- Proactive and forward thinking management approach
Have you created a budget and plan for your business? If not, then I have a very special invitation for you.
If you want to learn how to create your 2015 profit plan, get rid of income barriers and generate off the chart results and profits, then I invite you to join me for my upcoming complimentary teleclass, Big Profit Strategies, happening on December 17th at 12 pm CST / 1 pm EST. This is one profit building teleclass you don’t want to miss. Register here and get all the details!