Why You Need a Business Budget

For many small business owners, creating a business budget might seem unnecessary. We know the thought process – “If I’m the only one managing my business, I know how to manage my money.” No matter if you were in charge of a multimillion dollar corporation, or a small mom-and-pop, having a budget for your business it’s necessary. Here’s why:

  1. Money Control

Without a budget, you have no idea how much you were spending. It might seem like a no-brainer, but without having a budget, you can run into a lot of issues in terms of overspending. Not knowing how much you have or how much you are able to spend could create huge issues for you and your business.

  1. Decision Making

If you are in control of your business, you’re in control of the decisions been made. But are you like a siding on the new marketing strategies, or your informing another department of their budget, knowing what your budget is helps you make sure that those decisions are as informed as possible.

  1. Goals

One of the most important aspects to many business owner is the Millatti to hit their goals. If you don’t have a budget, and you’re not sure as to where you would like to be financially at the end of the year, how are you scaling your business? Without a budget, it is hard to know whether or not your goals are accomplished year after year.

Looking for help creating a business budget that works for you? Give Hacker Accounting a call today at (602) 375-5251.

 

Chris Hacker
Chris has been working in the bookkeeping and accounting field for over 15 years preparing business, income and payroll taxes. Chris has a bachelor’s degree from Arizona State and is an Enrolled Agent with the Internal Revenue Service.