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Now is the perfect time to draw up your 2015 company budget. Use these four tips to do so

by , 07 November 2014
As 2014 draws to a close, you need to get ready to jump straight into 2015.

Particularly in terms of your finances. This includes planning, forecasting and, most importantly, budgeting.

This way you'll know where you're going financially before the year even starts.

But to do this effectively, you must use these four tips...

 

Four tips that will help you create an effective 2015 budget

 
1. Base your budget on your forecasts
Forecasting helps you predict what 2015 will be like financially. You'll base this on what happened in the past. So if you go through a financial rough patch every January, 2015 will probably be the same. 
 
You need to base your budget on these predications so you can take them into account. For example, you need to ensure your budget allows for less spending during the January rough patch.
 
2. Take inflation into account
You need to be aware that your expenses may increase as inflation does.
 
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3. Learn from 2014's budgeting mistakes
If you under or over budgeted for something during 2014, learn from that and let it help you create a more accurate budget in 2015.
 
4. Take your 2015 growth targets into account when you create your budget
You budget must help you achieve your financial goals. Take these into account when you create your budget so it helps you instead of holding you back. 
 
For example, if you want to grow financially, see if you can reduce certain expenses to do so. Or, if you want to grow in size, ensure your budget allows for higher salary expenses.
 
These four tips will help you create the best budget for 2015 so you can make it a financially successful year.
 
For more help with your company budgeting, check out the Master Budget Series
 


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