How to create a budget for your business
Businesses and individuals with plans are more likely to achieve those results. But how do you go about it?
- Personal objectives – the objectives of owner managed businesses are often a subset of the owner’s personal objectives.
- Business objectives – what do you need from the business to meet your personal goals?
- What products/services do you have to sell?
- Who is your ideal customer?
- What do you know about your competition and how you can differentiate yourself from them?
- Sales plan – what and how much do you need to sell? Is this realistic?
- Investment plan – What investment do you need to make in staff, training, marketing, equipment, and technology
- Will this achieve the desired results?
- What actions do you need to take (and when) in order to stay on track to meet your goals?
You can do this on your own but, if you’d like more help, then we have a budget workbook and accompanying videos.