Budgeting for your business is similar to budgeting for your personal life. It helps to keep track of your expenses and make sure that you have enough money coming in to cover all the payments you need to make. Most budgets are for a one-year period and will really help you to manage your finances effectively.
The budgeting process will let you understand the amounts you will need to run your business and any surplus funds which can be set aside for new projects such as developing new products, running a marketing campaign or investing in new equipment or machinery.