“No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.” -Suze Orman Having a well-structured and practical budget can make all the difference for a moving-and-grooving business. With still half of the year left, there is time to get on track and reconfigure your company’s approach to money management. Creating a budget is a simple and valuable tool that will help to eliminate financial uncertainty as you finish out the year.
As you begin to develop a budget, being aware of the current industry is important because it will allow you to more accurately project revenue for the rest of the year. Design a spreadsheet to help you keep track of your business’s cost and revenue. Keeping track of how much money is coming in and how much your business is spending will help you identify where you could potentially cut costs, or where some extra funds might need to be allocated.
As you notice where your funds are going, take the time to investigate what other deals are being offered. Shopping around for different suppliers is a great way to help you cut costs. It’s not too late in the year to make these changes; in fact, making changes like this could greatly benefit your business as the year comes to a close.
If you are a small business, a six-month budget leaves room for revision and will call for you to reevaluate at the end of the year, which keeps you in touch with your business’s finances and allows you to make any necessary changes as you grow and expand.
As almost anyone will tell you, having a budget in place helps your business run more efficiently. Implementing one mid-year, or revising the one you may have started at the beginning of the year, can assist your business in achieving a successful second half of the year. By keeping track of your business’s money, you will be more prepared to handle those pesky unexpected year-end costs, and will continually be aware of where you stand, which will help you finish the year on top. Whether you are unsure where to begin, or you need help navigating the process, VAST offers the accounting and financial services to help ensure your mid-year budget writing is simple and effective. Contact us today.
References “Six Steps to a Better Business Budget.” investopedia.com. Feb 26. 2009. Web. 24 May. 2013.