Budget - red word with dollar signsAs the end of the year approaches, it is the perfect time to update your small business budget. Surprisingly though, many companies go without a business budget at all. There are plenty of reasons owners give for not creating one:

The business just started, there is no way I can project revenue.”

“Our expenses and overhead are small enough that it doesn’t matter.”

“We are too busy running the business to worry about a budget.”

“Our business idea is great and we’ll succeed no matter what. And by the way, I hate accounting.”

Even the smallest companies should have a formal business budget. A budget helps you make goals and evaluate the viability of your business. With a business budget, you can assess the ongoing financial health of your company.  A budget will help you raise money and get loans. And most importantly, a proper business budget will keep you from running out of money.

To get you started, here is some great advice from around the web about the importance of business budgeting and how to create a solid budget. And if it still seems daunting, see a qualified certified public accountant like Carpenter, Evert and Associates for help.

>> Six Steps to a Better Business Budget – from

>> How to Start a Business Budget – Inc Magazine

>> Bloomberg BusinessweekBetter Business Budgeting

>> Entrepreneur Magazine – Business Budgeting Basics

>> How to Build and Use a Business Budget That’s Useful All Year Long – from the SBA

>> Intuit – Creating a Business Budget for Your Small Business – the Basics

>> Benefits of Budgeting that Relate to Business Management – from

>> 10-Step Annual Business Budgeting Checklist – Nonprofit Assistance Fund

Speak Your Mind