In this age of information overload and uncertainties, even the slightest carelessness may lead you to go over budget. This makes it crucial to create a budget plan that can protect you from such setbacks and unexpected developments. Surprisingly, 61% of small businesses didn’t even have a budget in 2018.
We generally make a business budget through the following steps:
- Estimate revenue.
- Estimate fixed and variable costs.
- Keep a general contingency fund to pay for unplanned expenses.
- Create a profit and loss statement.
- Outline your budget.
