Budgeting: 4 Reasons Why It's Important for Your Business

budgeting business growth Oct 26, 2018

For some of us “Budget” is a dirty word. Budgeting has a stigma as being something that successful people don’t need to do, and so we trick ourselves into thinking that if we want to appear successful, we shouldn’t have a budget we stick to. But there are many reasons why having a budget for your business will actually make you successful. Here we will explore just four of those reasons.

A well-structured budget tells you what you CAN spend

Most of us think on budgets in very restrictive and limiting terms, but on the flip side we can see that a budget actually tells us what we CAN spend on each item. For example, how many times have you found yourself in need of a new piece of equipment, but you are unable to make the purchase because you have already spent too much money that quarter or month, and your account balance is too low. Having a budget and sticking to it helps ensure that you will have the funds available when you need to invest in new equipment,...

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