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Create a Business Budget for 2018 – It’s a Must!

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Business Budget

What is your bottom line?

A good way to start the new year is with a solid budget in place. It is very important to your success as a business and is worth taking the time to complete. If well-organized, a business budget can be finished in just a few hours.

Our agency has nearly 30 years of experience in putting together annual budgets. As one of the top employment companies in Florida, we offer some advice to you on how to budget your business for 2018. We hope it helps!

Plan a Meeting

Involve all parties necessary during your budget review, so you can view the company from all perspectives. Handle your business budget the same way you would handle your personal budget. Don’t spend money you don’t have and try to operate without debt. Plan to revisit, and potentially revise, your budget throughout the year. We recommend reexamining your budget every couple of months, particularly with a small organization.

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Year in Review

Begin creating your business budget by reviewing last year’s budget. Were your expenses higher or lower than anticipated?  Figure out where you can cut costs and make room for the things you will need to grow your business. Prioritize your list of expenses and eliminate anything unnecessary – small changes can really add up.

 

Earnings & Expenses

Take into account your organization’s sources of income. Start with your current sales figures, then forecast your sales and the percentage of growth you’d like to reach. Don’t forget to take into account what monies are still outstanding in accounts receivable.

Examine your current spending and predict future spends using educated guesswork. Be realistic and always overestimate your expenses, as it’s better to be prepared. Go over your fixed cost expenses, such as rent, utilities, salaries, and website management. Determine your variable expenses, which can fluctuate, like marketing and transportation. Do you best to predict one time spends, like new computers, standing desks, and holiday gifts. Run inventory on supplies to see how much you need to replenish in the new year.

 

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Consider Using a Staffing Agency

Will you be doing any hiring in the new year? Consult with an employment agency, like ours! We can save you lots of time and money to work within your budget.

 

For information regarding our staffing services or more blogs like this one, please visit the website. If you have any questions for our expert recruiters, just give us a call at (941)751-6262. Be sure to connect with us on social media as well, as we post daily on Facebook, LinkedIn, Twitter, Google+, and Instagram. We look forward to hearing from you!

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