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Would you drive across the Simpson Desert without a map to guide you on the trip (or at least a mobile phone with GPS)? I can hear the chorus of “No’s” already! So why do people continue to drive their businesses weekly, monthly- even yearly- without a plan and a budget?
I know full well that business owners don’t consciously plan to fail, but by failing to plan this is effectively what they are doing. A simple budget, that you actually monitor along the way, will help keep you on track and highlight when your financial state is beginning to run off-course. It doesn’t have to be complex. All you need to do to be on the safe side is look at your major overheads, expenses and direct costs (if you have them) and estimate what they will be (month to month) for the next year. Then check your income projections and make sure they are greater. If they’re not, then something has to change or else you’ll be running in the red!
Obviously, there is more involved in the ‘how to’ around budgeting but the basic concept here is: Unless you have a budget and monitor it, your cash flow is likely to wander off into the wilderness and you won’t be aware of it.
Do you want to know more? Read our eBook:
Subscribe by email and instantly get FREE Illustrated eBook. Adequate ‘positive’ cash flow is essential for the survival of any business, yet this is something that over 50% of small business owners struggle to manage.