Budget – if you have never done a budget before then now is a great time to start with the new financial year so here are two key questions to work through and you will be well on your way to success …
What Do You Budget? Lots of people base their budget on their profit and loss statement lines but we strongly recommend you also include any aspects from your balance sheet that effect cashflow such as loan repayments and drawings
How Do You Budget? If you are just starting in business then you will need to make an assumption of what expenses and income you are likely to experience for the first 3 month period and adjust it as you get real figures. If you have been in business for a while, look back at your monthly figures and use these as a basis for the period going forward
Let us make it easier – If you are not sure of your answers for any of these questions then you need to contact Jerome for a complimentary business assessment
Call Jerome today to gain more clarity that will help you manage your budget this coming year 0800 747 323.