BUDGETING
A business budget is a financial plan that outlines expected revenues and expenditures over a specific period. It serves as a roadmap for managing resources, making informed decisions, and achieving business goals. Creating and maintaining a budget is essential for any business, regardless of size or industry. Here’s a step-by-step guide to help you create and maintain an effective business budget.
Think of a budget as your financial roadmap. It helps you chart a course towards profitability, avoid unexpected detours, and ultimately, reach your business goals. So, how do you craft this essential tool? Let’s break it down into a simple, step-by-step guide:
Allocate a portion of your income towards reinvestment in the business and your own savings. This ensures long-term financial stability and growth.
Remember: A budget is a living document, not set in stone. The key is to create a realistic plan, monitor your progress, and adapt as needed. By prioritizing budgeting, you gain control of your business’s financial health, navigate challenges with confidence, and ultimately, pave the way for success on your Kenyan entrepreneurial journey
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