Forecasting and Budgeting
Setting Your Business Up for Success
Forecasting and budgeting are key components of a successful business plan. After clearly defining your goals, you just have to make sure your business can continue long enough to achieve those objectives. Even if you’ve already started and established your business, it’s always beneficial to take a step back and analyze your budget to better understand how you can plan ahead
To properly forecast sales for your business, you will need to have a solid foundation of your financial statements up to date and in order. Don’t let those tasks take valuable time away from your business, JTC CPAs can help with the bookkeeping, budgeting, and forecasting.
Questions entrepreneurs commonly ask include:
“How much should I spend on employees?” “How do I determine a budget for advertising?” and “What can I do to maintain cash flow while focusing on growth?” To answer these questions, you must review your short- and long-term business goals to analyze where you want to take your business in the next six months, year, or 5 years. This will affect your budget and how you manage cash flow.
For example, a business that spends too much on employees but not enough on advertising will be missing out on valuable opportunities brought by fresh leads and clients. On the other hand, a business that chooses to overspend on advertising may leave inadequate funding for employee payroll. In either case, the result is the same: improper cash flow leads to missed opportunities and at worst, business foreclosure.
We want you to succeed! Let us help you make the best decisions for your business and set a smart budget that aligns with your future goals.
Call JTC CPAs in Winter Park today!
At JTC CPAs, we enjoy spending time with our clients and discussing how they can best achieve their goals. More than simple figures and statements, financial planning and business accounting helps give owners and managers the knowledge needed to chart a course for success.