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11 ways to build a business budget

Summary

Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and medium sized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for keeping operations smooth and achieving growth. Let’s look at how to build a business budget that supports your financial health, plans for contingencies and prepares you for the future. 1. Start with clear financial goals Establishing clear financial goals is fundamental to creating a business budget. Without them, it’s challenging to measure success or make informed decisions. For many businesses, goals include maintaining profitability, managing cashflow and planning for expansion. When setting goals, keep them specific, measurable and relevant to your business needs.

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