Why Do I Need to Budget??
I work with a lot of clients each month, and a very small percentage of them create annual budgets, and really that’s only because I encouraged them to! Many people don’t think a budget will help them, are scared they will not be able to stick to it, or just don’t know how. Here are a few reasons to overcome those fears and get help budgeting!
Budgeting can help you cut costs, increasing your bottom line. When you budget, you look at your past Income Statements and use them to plan for next year. By analyzing prior periods, you can analyze what your expenses are and determine whether you need them or not.
Reach your Goals
Whether you are looking to expand, sell your business, or just keep things going as they are, creating a budget will help you reach your goals. You will know each month how much revenue you need to cover your expenses and meet your goals. If you want to expand, you may need to save money to renovate a new space. Or maybe you haven’t been paying yourself and want to start this year. Or perhaps you’re finally looking to retire soon and want to make sure you have outstanding financial statements to help with a sale.