Why Budget Planning For Your Business Is Important

Benjamin Franklin was quoted saying “If you fail to plan, you are planning to fail”. If you want

your business to be successful you need to plan for your success.

A lot of people spend more time planning a holiday than they do planning for their business,

which coincidentally pays for the holiday.

Preparing your budget will enable you to control the finances of your business. How much

income will you need to ensure you make a profit? Do you have any idea what the costs are to

run your business? Do you need working capital to set up your business? Have you considered

the taxes you need to pay? This includes GST, PAYG Withholding, FBT, etc. These are taxes

you pay before you make a profit.

Having budget targets can help keep yourself accountable. It’s hard being a business owner

when you are not accountable to anyone, a budget can help you stay on the right path for

Success.

Success in your business is no accident, the business owner who invests time and energy into

the budget plan are those who make the business look easy. It may appear their success comes

easy; however, you may find their budget plan is what helps them succeed.