𝐖𝐡𝐲 𝐛𝐮𝐝𝐠𝐞𝐭 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐢𝐬 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬

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 to success.

Success in your business is no accident, the business owner who invests time and energy into the budget plan are those who make a business look easy. It may appear their success comes easy; however, you may find their budget plan is what helps them succeed.