Sometimes it is difficult to convince small business that budgeting is an important function. If you do not value budgeting, how will you know if the company has met its goals and/or its benchmarks? Budgeting allows one to plan! Planning gives a company an idea of the resources that it may or may not need for future periods. Budgeting looks at what has been, then looks at what may occur in the future. Budgeting helps to give the insight, after investigating the internal and external environments and variables, about any changes that may need to be implemented. This lesson will step the entrepreneur through the process with explanations and examples that can be taken back to the workplace and applied to real life situations.
In this lesson, the entrepreneur will get the practical issues of the types of budgets that they may want to consider, when to use which type , demonstrate the format of budgets for different industries and provide usable downloadable templates for a manufacturing firm, retail business, service firm.
The lesson goes through the entire budgeting process using, fixed budgets and flexible budget models and defines the values of each. It will demonstrate the difference and similarities and give practical illustrations of each.
Be one step ahead of your competition. Be proactive! Anticipate the future!