How to Make a Budget for Your Small Business
Many small business owners started the company because they’re passionate about what they do, not because they’re good at crunching numbers. So they’re at a loss when it comes to business essentials such as creating a budget.
We’re here to tell you it doesn’t have to be super complicated. As long as you have a few key numbers in place, you’ll be able to see:
• Whether the business is making or losing money
• How much income you need to cover expenses
• How much money you have to reinvest in the business, hire more help, pay down debt or put into a reserve fund
• Where you can cut costs or increase income
• Whether you can or should take out a business loan
With Xendoo, our monthly profit and loss statement will give you a lot of the essential information you’ll need for creating a budget.