5 Reasons Why Your Business (and Family) Need a Budget

5 Reasons Why Your Business (and Family) Need a Budget

When you hear the word – budget! What do you think? Is it too formal? Time consuming? Unnecessary? Intimidating? Or have you seen the tremendous benefits of planning how to manage your accounts receivables and govern payables to ensure you have a surplus? A budget is simply an organized plan to control your finances. It is necessary to prevent oversight, waste and deficit. It is important for your budget to be S.M.A.R.T. and reassessed regularly.

S.M.A.R.T. (Specific, Measurable, Attainable, Realistic and Time Based) budgets helps you  control resources and maintain faithful stewardship by setting goals. Knowing your expenditures, standard allotments, monthly disbursements, revenues, tentative maintenance and additional deductions can create reserve money to achieve milestones. Operating without  a budget can be likened unto wandering around in the wilderness without a map. You may get to your destination one day, but you likely dissipate a lot of reserves figuring it out along the way. The following motivations are meant to help you realize the importance of creating a successful budget for your business and/or family today. A budget will

1. Provide transparency of resources

2. Promote accountability for responsible parties

3. Produce results for preset goals and objectives

4. Prevent misappropriation of funds and neglect of payments

5. Predict financial losses and monetary gains of income

Financial COMFORT Consulting has been educating, evaluating and developing professional and personal budgets for more than ten years. They can prevent you from digressing further into fiscal despair as well as aid in the realization that planning is essential to success. If you are stimulated to see the results of creating a successful budget or need assistance enumerating your current plan, visit www.finanacial-comfort.com or call (614) 595-0784 to finesse your fiscal future.