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Business owners striving to survive the tough economy need to know how cash flows in and out of their business.
A good place to start is with a budget – a basic tool used to forecast when cash will be collected and when expenses must be paid.
Many business owners don’t take the time to create a budget, or they neglect to update the one they have.
In this slow economic recovery, it’s more important than ever to know where money is going.
Financial institutions also want to know; banks often require that borrowers include a budget with their loan requests.
Understanding how to create a business budget is vital to improving a business’s chance of survival.
A good budget has six key components.
Current description of the business and its market: Describe the economic factors affecting the business and its cash flow.
Include how sales are recorded and collected (cash, credit card) and the estimated length of time between billing and collection.
The same details should address how bills are normally paid. Business activities fluctuate and this section should reflect precisely what is being done now.
Explanation of how the budget supports the company’s mission, vision, values and goals. Budget items should support the company’s overall objectives.
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