Although the word “budget” strikes fear into the the hearts of most entrepreneurs, preparing an annual budget should be one of your priorities as a small business owner. Without a budget, you are essentially “flying blind” and have no compass with which to navigate your operations and performance. In fact, without a budget, you may not know how much revenue you need to reach your goals, how to plan for staffing, or how much reserve funding you have on hand. Measuring your progress against an annual budget can give you peace of mind by allowing you to keep a pulse on your operations, understand revenue and expense performance, and make informed, timely decisions. Once you have a budget process in place, keeping it updated is relatively easy. Getting started, however, may be a bit of a challenge. Resolve Works can help you set up and maintain a healthy budget through our small business accounting service. Let’s look at five ways you can keep your budget updated as you go.
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