MasterTax Director, Michel Zerella says that budgeting for your business should be just like budgeting for a wedding. See what he has to say below.
There’s a buzz of excitement in my house because my daughter is getting married.
Lying awake adding up the excruciating expense of this exercise (she is Daddy’s little girl, after all!), I’ve realised that planning a successful wedding is not unlike planning for business success.
You’d never try to plan a wedding without a budget. So why do so many micro and small business owners launch into a business venture without a clearly defined roadmap of the now, where and how?
Setting a budget means determining:
- Now – what is your position at the moment?
- Where – where do I want to get to?
- How – how am I going to get there?
If you formally set clear targets and decide how they’ll be met, you will subconsciously (and consciously!) follow that roadmap and work towards those goals.
Instead of watching money come and go and hoping it all adds up in the end, you need to decide what your weekly, monthly and quarterly figures should look like. Then set about making them a reality.
Now, can somebody please tell my daughter?
For help with setting a clear budget for business success, call us today on (08) 8172 9150 or email email@example.com.