As a small-business owner, budgets are something you love, right? As in, you can’t wait to sit down and work one out? Not so much. For most of us, budgets are more a necessary chore than favorite fun-time activity.
So, having said that, get ready to revisit your budget. Why? Because budgets are very rarely a one-and-done deal.
Why You Should Review Your Small Business’s Budget
Let’s get the most obvious reason to review your budget out of the way: things change. Big clients come and go. Workers get raises; get their hours cut; and get overtime. Prices fluctuate. So reviewing your budget each year makes sense.
Even better, experts recommend that you tweak your budget each month. Overkill? Not really. Think about what a budget gives you:
When to Revise Your Budget
Basically, there are a couple things that should prompt a budget review:
There are a number of software programs that will help you manage and revise your small-business budget. These range from the tried-and-true spreadsheet method to more specific applications – some of which are free, and many others that are available at quite a reasonable cost. Shop around, if you haven’t done so already, and find one you like. Your business will thank you.
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