{"id":1616,"date":"2017-07-20T23:18:38","date_gmt":"2017-07-20T23:18:38","guid":{"rendered":"http:\/\/fusephase.com\/?p=1616"},"modified":"2022-09-02T01:19:33","modified_gmt":"2022-09-02T01:19:33","slug":"budget-important-for-business","status":"publish","type":"post","link":"https:\/\/fusephase.com\/blog\/budget-important-for-business\/","title":{"rendered":"Why Every Business Needs a Budget"},"content":{"rendered":"

\"Why<\/p>\n

Think your business is too small for you to bother with a budget? Every business needs a budget it can stick to, no matter what stage of growth it’s in.<\/p>\n

Unfortunately, however, a lot of small businesses take a “we’ll-deal-with-it-later” approach to budgeting. This is often because there are too many other pressing issues, like acquiring new clients and managing internal operations. So, creating a budget slips down the to-do list.<\/p>\n

Or,\u00a0there may be a budget for the business, but it’s completely unrealistic or based on inaccurate financial data. So, it ends up\u00a0getting tossed aside and forgotten. In other words: it’s completely pointless.<\/p>\n

If either of these scenarios sounds familiar to you, then that means your business is flying blind when it comes to its finances. This doesn’t typically lead to a happy ending for any business, big or small.<\/p>\n

Below are three reasons why creating a\u00a0realistic budget<\/a>\u00a0is important for every<\/em> business, in every industry, at any stage.<\/p>\n

Why every business needs a budget, like, yesterday:<\/h2>\n

Prepare for the unexpected<\/h3>\n

When you create a budget and stick to it, you can rest easy knowing that if something\u00a0unexpected happens<\/a> (which should\u00a0always<\/em> be expected), you’ll have a financial cushion to keep your business afloat. Your budget should allow an emergency fund to sustain your business for at least six months if needed.<\/p>\n

Rein in expenses<\/h3>\n

If you’re wondering where your money is going every month, a budget will shed light on the problem. It’s the quickest way to identify any financial holes that need to be plugged, so you can be sure your money is getting put to good use.<\/p>\n

Insufficient cash flow<\/a> is one of the top reasons businesses fail<\/a>, and you can’t have steady cash flow when your expenses are out of control.<\/p>\n

Track your progress<\/h3>\n

As your business grows and has more stakeholders involved, you’ll rely more on your financial data to demonstrate your business’s growth. This is key to not only wooing new investors but keeping your current investors happy.<\/p>\n

“Budget” is not a bad word!<\/h2>\n

The word “budget” has got a bit of a bad rap for being the killer of joy and happiness, especially for smaller businesses who have embraced their freedom and consider budgets too…well, corporate<\/em>.<\/p>\n

But here’s the reality: A\u00a0good budget is designed to help prepare your business for sustainability and growth, and you simply can’t put it off if you want your business to succeed for the long haul.<\/p>\n

Need some help creating a budget? Check out our\u00a03 Tips on Creating a Budget for Your Business<\/a>.<\/p>\n

Questions? Comments? Fire away below or reach out to us directly here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Think your business is too small for you to bother with a budget? Every business needs a budget it can stick to, no matter what stage of growth it’s in. Unfortunately, however, a lot of small businesses take a “we’ll-deal-with-it-later” approach to budgeting. This is often because there are too many other pressing issues, like …<\/p>\n

Why Every Business Needs a Budget<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":1,"featured_media":5551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,10,11],"tags":[],"yoast_head":"\nWhy Every Business Needs a Budget | FusePhase<\/title>\n<meta name=\"description\" content=\"Are you guessing when it comes to your business finances? 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