Budgeting Make a Plan. Work Your Plan.
Every business needs a budget. We can help.
Fact #1: In our personal lives and in our businesses, we all need a budget.
Fact #2: Setting a budget is officially not fun. (Unless you’re a bookkeeper or CPA. We think it’s really fun and essential.)
Budgeting for your coming fiscal year – or the remainder of the current fiscal year – is crucial to the success of your business. It helps you forecast earnings, expenses, and everything in between. By looking at your P&L statements from previous years, we can pick up on patterns that can help you budget for the future:
- Anticipate peak sales periods, so you can adequately plan for labor, raw materials, etc.
- Notice slower periods and budget a higher marketing budget to drive more sales.
- Dig deeper into months where expenses could be cut back.
- Review marketing expenditures to determine if the investment provided a large enough return.
- Plan for any seasonality that could affect your business.
- Determine the best times to schedule a vacation.
You get the idea. At Harvest Tax & Accounting, we can provide insights to help you make the most profitable choices possible. And once we create your budget, it should be reviewed monthly to make adjustments as needed. A truly useful budget is always being tweaked based on market conditions, sales, what’s in your pipeline, and many other factors. But, by creating a budget at the beginning of the year, you at least have a roadmap that gives you a starting point. Then, you can make adjustments as needed to have the greatest impact.