Tip#1: Look at what growth you want to achieve in the upcoming year
A budget will help you achieve certain goals. But first, you must know what those goals are before drawing up your budget.
Consider things such as:
· How much capital you wish for the company to have; as well as
· Growth in your company's asset wealth, investment and in employee numbers.
By knowing these things, you can begin planning effectively through your budget.
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Tip#2: Prioritise expenses and be realistic about them
It's very important to note that expenditure MUST be prioritised. A budget can ensure that all necessary, and important, expenses are incurred while, at the same time, avoiding unnecessary expenses.
Also, your budget must be realistic in terms of what you NEED.
So, as you can see, budgeting is vital in managing your company's finances effectively and efficiently.
And a great way to create your company's budget is with the use of Microsoft Excel Spreadsheets.
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