Budgets are the sort of thing that many business owners put on the procrastination pile. Sometimes it feels like the only way to be able to plan a budget is to have a crystal ball. But, business budget preparation doesn’t have to be all that daunting when you have the assistance of an experienced team of accountants and advisers.
For established businesses, a budget will consider trends in sales and expenditure items and help identify aspects of the business to focus on, including growth in a particular sales area, or the reduction of spending in some departments.
When you prepare a budget and set goals for your business, you have the opportunity to measure whether you and your team are meeting or exceeding your expectations. KPIs are an important tool to understand how your business is performing and which areas need further attention moving forward.
Essentially, budgets are the way to guide your team and your business. It’s rare for a business to have an open cheque book because it’s hard to make money when you don’t know what’s coming out and what’s coming in. Equipping your staff with the tools to know what expenditure limits are available allows them to plan a structured use of that money. This delivers your business with the best possible results.
If you’ve got a long-standing business with records of cash-flow and revenue it’s easy to plan for the future. But being a new business without historical data doesn’t mean that you’ll be flying blind.
At Bartley Partners, our experienced accounting team can offer insights into averages for expenditure lines and help you set initial budgets in order to get your business moving forward responsibly, without over-committing yourself.
We’ve worked with Adelaide businesses in a wide variety of industries and sectors using different styles of budgets and budget preparation. We know what works for businesses, their owners and employees and we have the experience to guide you through this process to help you achieve success.