As 2018 nears to an end, 2019 planning is critical for your business to be successful in the upcoming year. Budget preparation for the next year should occur in September, October, or November if your business follows the calendar year. And getting an early start on budgeting is beneficial, as it always takes longer than anticipated to complete.
In a successful budget, you need to determine how much and where your revenue will come from. Along with your anticipated expenses, including personnel costs. Questions you need to think about regarding personnel include: How much of a raise are you going to give your employees? Are you going to expand your workforce? What type of employee benefits are you going to offer? After careful planning and analysis your budget should be complete.
Remember, budgets are not perfect, but you should try to stick to them to be successful. Unexpected items will come up during the year and you may have to shift money from one place to another, or know that you may be over budget for the year. Whatever the case may be, being prepared is always better and creating some cushion in your budget for unexpected items is always ideal.
If you want help with your 2019 budget, give CFO 4 Your Biz a call. We help clients plan for the next year, and help determine what will make them profitable, by looking at their anticipated income and expenses.