Even if your business is no longer a startup, the failure rates for businesses started in 2014 were as follows:
Many of the reasons for business failure can be prevented with good budgeting and planning. Here are some benefits of making a budget and managing to it.
Getting started with a budget is easy. If you’ve been in business for more than one year, you can start with last year’s actual figures and then adjust for the growth and changes you want. The numbers can be input into your accounting system so that you can get reports that measure actual progress versus the budget numbers. You can then make good business decisions based on your variances.
When you take a little bit of time to create a budget, you really can enjoy the freedom of knowing you’re on track to make your numbers. If we’re not already working with you on your budget, feel free to reach out – we would be happy to assist.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.
Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction.