Budgeting in its simplest form is evaluating:
Revenue minus cost of goods sold, minus expenses equals profit.
Projecting for each category monthly will help you to
- keep sales revenue goals high enough to cover cost and expenses
- keep expenses down – say ‘no’ to unnecessary expenditures
- realistically view your pricing to see if there is adequate profit built in to cover the running of your business.
If you don’t have a budget…it could be hurting your business!
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