Budgeting for Your Business
Welcome back to my weekly articles on business building. The best way to assess how well a company is doing is to gauge its financial performance against a benchmark. Budgeting is generally the easiest and best way to do this so in this article we will identify the key reasons for budgeting, explain why it is important, and provide some best practices around how for business owners to budget that can help them to do it in their business.
Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.