• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About Us
  • Budget
  • Business
  • Lifestyle
  • Health
  • Home & Garden
  • News
  • Online Magazine
  • Success
  • Contact Us

Piccolo Universe

Piccolo Universe

  • Did you know that hanging family photographs in your home can improve your children’s confidence? Photos of your kids (and your entire family) prominently displayed in your home communicate that you value them and that they are important family members. The photos let them know they are seen. Not only that, but family photos on… [Continue Reading]

    Read More

    How to Create a Family Photo Wall in Your Home
  • Lavender is a member of the Lamiaceae family and is a perennial herbaceous plant. It grows across the world’s temperate regions, including Europe and North America. The lavender plant can grow up to 2 feet tall. It has gray-green leaves that are oval in shape. The flowers are usually purple, but they vary in color… [Continue Reading]

    Read More

    What You Need to Know About Lavender Plant 
  • Sewers facilitate proper waste disposal from buildings to the designated points to maintain a clean and healthy space. The whole system is designed so that it doesn’t interfere with the comfort of the building dwellers and helps the waste management teams function well. Sewer lines cause a lot of havoc to individuals since it spreads… [Continue Reading]

    Read More

    Quality And Reliable Sewer Services For Various Buildings 
  • During the past 10 years, people all over the world have become increasingly receptive to blockchain and cryptocurrencies. Initially, cryptocurrencies were viewed as a serious threat to both local fiat money and governments. However, many former crypto opponents are now pushing for its adoption after witnessing its many benefits, according to Dan Schatt and Domenic… [Continue Reading]

    Read More

    Earnity Expert Dan Schatt: Crypto Is Expected to Grow Even More in 2022, and Here’s Why
  • For small business owners, figuring out how to accept mobile payments can be overwhelming. Fortunately, that’s where Earnity, a new cryptocurrency marketplace, comes into play, according to Dan Schatt and Domenic Carosa, the fintech experts at the marketplace. Here is a rundown on why mobile payments matter in business and how the platform can help… [Continue Reading]

    Read More

    Dan Schatt: Earnity Helps Businesses to Capitalize on Mobile Payments

December 5, 2019

A Simple Step by Step Guide for Budgeting Your Small Business

Apple Wireless Keyboard

Despite the fact that your small business is performing decently in the market, you still have too meager a profit to show, largely due to your expenses. This is where all the money is going and this is where you have to pull the plug. Sometimes, even pulling the plug doesn’t do the job, and in such scenarios, businesses end up requiring loans, including short-term business loans.

There were around 60% of newly launched brands that hardly grew their small businesses to five years in 2018 alone? Do you know what they all lacked despite perseverance and the ambition to grow? Well, to be honest, a business budget. There was no check and balance of their funding, and hence, no evaluation of performance or improvement of skills.

First of all, you need a pat on the back for dissolving the market’s saturation with your brand’s topnotch services. But perhaps it’s time you sit down with your accounts department and share some insight on what you detest the most – budgeting – yes, too unkempt of us.

According to Donna Conte of Warren Averett, a budget helps propel your business to higher levels of growth because you’re not only keeping your expenses organized, but also evaluating your performance as you grow.

Planning a budget for your small business might give you the ‘shivers’ and ‘shudders’, but someone’s gotta do it, and you can’t keep putting everything off for tomorrow. Your brand requires a simple business budget so that you can tally your monthly earnings with your cash flow and decide how to balance both.

Take it from the people who didn’t have a penny to their name for the first couple of months of their new business, and go through our simple step-by-step business budgeting guide below.

Income Resources

First things first – plan your business budget by narrowing down your complete income resources so that you can compare them the next time you need to invest. Your income resources will also include the earnings from the hourly or monthly product sales of your brand that may be further categorized into the savings you have in your bank account.

Add any (or all) loans that you’ve applied for funding the one-time or fixed expenses of your business into the checklist.

Fixed Expenses

For a start-up to be successful, you cannot be a one-man show – this means you must have employees under the roof of your workspace with fixed salaries to pay every month. Not only that, if you’re working from the comfort of your home or a purchased office, you might have to pay a mortgage or rent in case of a shared workspace.

With utilities and expenses to pay every month, there must be a few that are always fixed. For instance, take the allowances spent in hosting the internet, website, phone lines, electricity and other utilities, accounting services, legal fees, government taxes and insurance which are fixed and warrant a specific checklist as per your expenses.

Variable Costs

It’s crucial to pitch your start-up from rock bottom to the top, but we are not asking you to count your earnings or tally your profits with your investment at the time when you actually make it. Once your profits increase – even if you have to show only a meager 5% than last time – you can use the additional funds for climbing the growth ladder faster.

Such variable costs include the expenses you’re using to finance your advertising or marketing strategies, print services, raw materials, contractor wages, and even commissions. Also, you might up your work travel game once in a while, and take your employees to an overseas conference or treat yourself to a vacation with the leftover fundings!

One-Time Expenses

Given that you cannot work in an empty workspace, you might need to spend on equipment and software that might put a big burden on your bank account but are highly necessary. To make your workspace livable and hence, workable, you’d need to spend on furniture, computers, software, and office supplies, but gladly, you can include them in the checklist for your one-time expenses.

Conclusion

Once you’ve created specific checklists for all the four costs mentioned above, you need to pull them together and create a business budget that you can refer to every month. You can make a separate budget for your annual or half-yearly costs so that you can compare the total and improvise when needed.

To read more on topics like this, check out the business category.

Filed Under: Business

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About Us

Hey guys it’s Adam! I am a writer, a blogger, and a curious human being full of ideas. I remember as a teenager going to my local store to grab a freshly published magazine about the ins and outs of the online business world. Read More…

Facebook

The Piccolo Universe

Lets Connect

  • Facebook
  • Instagram
  • Twitter

Newsletter

How to Create a Family Photo Wall in Your Home

What You Need to Know About Lavender Plant 

Footer

About Us

Hey guys it’s Adam! I am a writer, a blogger, and a curious human being full of ideas. I remember as a teenager going to my local store to grab a freshly published magazine about the ins and outs of the online business world. Read More…

Popular Post

How to Create a Family Photo Wall in Your Home

Newsletter

Copyright© 2023 · Dear Theme Piccolo Universe