budgeting

A Guide to Small Business Budgeting

MOMENTUM Business Support Finance
A person working at a table with a laptop, calculator and documents

As a small business owner, you wear many hats – from product development to marketing, customer service, and everything in between. But one of the most important roles you play is that of a financial strategist. Budgeting is vital to the success of your business, but not everyone knows how to do it effectively. In this blog post, we will guide you through the process of small business budgeting, so you can make every penny count.

Track Your Income and Expenses

The first step to effective budgeting is knowing exactly how much money is coming in and going out of your business. Keep track of all your income sources, including sales, services, and any other revenue streams. Then, take note of every expense, no matter how small. 

Prioritise Your Expenses

After you have tracked your income and expenses, prioritise them by urgency. Start with essential expenses, such as rent, utilities, and salaries. Then, move on to things that are necessary but less critical, such as inventory or equipment purchases. Finally, consider expenses that are nice to have but not essential, such as marketing or employee perks. This will help you decide where to allocate your funds when creating your budget.

Set Realistic Goals

The main objective of your budget is to achieve your business goals. Therefore, it’s crucial to set realistic goals for your company. This might include increasing your revenue by a certain percentage, reducing expenses by a specific amount, or launching a new product line. Once you have your goals in mind, create a budget that will help you achieve them.

Review and Adjust Your Budget Regularly

A budget is not something that you simply set and forget. Your business is always evolving, and therefore so should your budget. Review your budget regularly and adjust it accordingly. This might mean cutting some expenses, increasing your revenue streams, or re-evaluating your goals.

Consider Getting Professional Help

Finally, don’t be afraid to seek help from a financial advisor or accountant. These professionals can help you create a budget that suits your business needs and goals. Additionally, they can provide you with valuable insights into financial management, tax planning, and other financial matters.

Remember, a budget is not a restriction, but rather a tool to help you grow your business and achieve your goals. If you’d like to find out more about budgeting or require any additional business support – we’d love to help! Get in touch:

T: 01903 688789 E: makeithappen@mbsmih.com

Why We Believe in Transparent Pricing

MOMENTUM Business Support Business Support, Finance
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As an SME owner, it’s important to know exactly what you’re paying for. No one wants to receive an unexpected bill or hidden charges, especially when running a business. At MOMENTUM, we believe in transparent pricing because we recognise how challenging it can be for SMEs to manage their finances. We are dedicated to providing clear and comprehensive pricing structures for all our outsourcing services, so our clients can focus on achieving their business goals and make it happen..

Always Adding Value

At MOMENTUM, we believe in providing a fair and competitive service which adds value. We want to make sure that our clients are not paying over the odds and that they are always getting a fair price. First and foremost, we believe that outsourcing should be affordable and accessible for all businesses, regardless of size or sector! We pride ourselves on being a value-based and customer-centric business.

Avoiding Misunderstandings

Transparency is crucial when it comes to avoiding misunderstandings, which is why we believe in being straightforward about the cost of our services. We aim to eliminate any uncertainties by offering clear and concise pricing information upfront, allowing our clients to know exactly what they are paying for, while having confidence in what we can offer.

Helping with Budgeting

Our pricing ensures that you’re only paying for the services that you need, without any hidden fees or costs. We provide detailed breakdowns of costs and fees for each service we offer, so our clients can make informed decisions about which services they require based on budgets and timelines.

Keeping it Simple

We know that as a business owner time can be a limited resource, which is why we always aim to keep things simple. Our transparent pricing aims to make it quick and easy for our customers to understand exactly when and what they are paying for. It simplifies the process by removing any confusion or guesswork and allows you to receive the support you need without any unnecessary delay.

At MOMENTUM, we believe that transparency is key to building strong relationships with our clients. We aim to make our pricing simple, affordable, and unique, while offering business owners the peace of mind they need to make informed decisions about their outsourcing budget. Check out our easy-to-use pricing calculator here: https://momentumbusinesssupport.com/pricing/. If you have any questions about our pricing or would like to find out more about the services we offer, please do not hesitate to get in touch. We are always happy to help.

T: 01903 688789 E: makeithappen@mbsmih.com