Global financial health is increasingly becoming a hot topic. To best set your business up for success, there’s no time like the present to ensure your budget strategies are optimized.

Here are some tips for creating an effective budget for your business:

• Be aware of your sales cycle. You’ve probably learned that some months or quarters are better than others. Budget conservatively for the slower months.
• Distinguish between essential and non-essential expenses. Enter your budget items for the bills and other expenses that must be covered before you add optional categories.
• Build in some backup funding. Just as you’re supposed to have an emergency fund in your personal life, try to create one for your business.
• Overestimate your expenses, a little. This can help prevent “borrowing” from one budget category to make up for a shortfall in another.
• Revisit your budget frequently. You should evaluate your progress at least once a month. In fact, you could even start by budgeting for only a couple of months at a time. You’ll learn a lot about your spending and sales patterns that you can use for future periods.

For assistance in creating a financially strategic budget for the remainder of 2023 and/or 2024, please contact our office at (402) 932-8815.

Sincerely,

W.E. Stevens PC