Printing off your profit and loss report at the end of each month and doing an actual-to-budget comparison will help you focus on areas that might need your immediate attention.
Printing off your profit and loss report at the end of each month and doing an actual-to-budget comparison will help you focus on areas that might need your immediate attention.

A budget is your guide to success

IT IS now the start of the financial year and the perfect time to set your business's annual budget.

A budget is a living document. It is the underlying tool that sets the direction of your business – your guide to success.

Printing off your profit and loss report at the end of each month and doing an actual-to-budget comparison will help you focus on areas that might need your immediate attention.

Maybe revenue on a certain product or service is down, or your expenses have blown out in a particular area.

Being aware of this on a monthly basis means you can deal with it immediately and employ strategies to remedy any variations.

Leaving it until the end of the quarter, the half year or the year will not give you as much control and place extra stress and strain on you and your staff.

If you have been putting it off, don't waste another minute – create your budget today, print off your financial statements and start comparing.

Take control and guide your business to the success you deserve.

For more budgeting and financial tips, why not check out Paul Clitheroe's or Noel Whittaker's weekly columns.



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