7 Bookkeeping
Mistakes SMB’s Make


And How to fix them


Not Having a Written Budget
Most SMB’s I have dealt with do not have a written budget that they follow on a monthly basis. As a business owner, you are responsible, not only for solving your client's issues and developing solutions for them, but also for developing processes for your business that will allow you to remain in business as a viable, healthy company that can serve them for years to come. A written budget is the basis of this plan as without it, you are running your business blindly, and it can be just as dangerous as driving your car down the road blindfolded. Of course, you wouldn’t do that, but why would you run your business blindfolded not having a budget to steer you to make informed decisions. Most people are under the impression that developing a budget is very difficult and that it can be constraining. However, just the opposite is true. A proper budget is not a final say but a guide to help your business operate efficiently. On months when you make more money than budgeted you can allocate that money to other items, but on months when you make less money you can make an informed decision as to what areas to cut so that you can stay on budget.  How can you make good decisions when you don’t know where your money is going? How can you maximize your money to prepare for the hills and valleys that every Small or Medium  business goes through without a budget?


By Brian Neal Bond

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