Essential Reminders When Budget Planning

Essential Reminders When Budget Planning

January is the perfect time to look at the budget of your small business and ensure that everything is in order for the upcoming year. This month we will talk about some steps you can take to keep your company running smoothly and make certain that your finances are properly budgeted.

The first thing that you must do is start by creating a realistic projection for the coming year’s revenue stream. The essential part of creating this estimate is to be realistic in your approach to the numbers. Take a look at the figures over the past few years and project wisely.

Another important step is to anticipate both your fixed and variable expenses. You should have a good idea about most of your fixed spending that is set in stone throughout the upcoming year. Your variable spending, however, may take a little more research and number crunching regarding estimated changes in our economy.

Nobody likes to see his or her effort and hard work be for nothing. Make sure that your budget is allowing room for some profit once the year comes to a close. Remember, you are the one who is ultimately responsible for the earnings of your small business.

CREDIT

column by BAXTER TROUTMAN

BIO: Baxter Troutman is founder and chief executive officer of Labor Solutions, a staffing company with offices in Bartow, Winter Haven, Lake Wales, and Arcadia. A citrus grower who served in the Florida House of Representatives, Troutman understands the challenges and concerns of today’s farmer.