Money

How to budget for your company so you can grow forever

Knowing how to budget will provide you the freedom to be creative
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Budgeting tips, tricks, and things to keep in mind when learning how to budget

When making a budget, there’s a lot to consider. It can be a daunting process. To help streamline the process, there are little things to keep in mind.

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Tips to keep in mind when learning how to budget
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Budgets are iterative

Don’t be afraid of going back to the document over time! This also means you don’t have to make your budget perfect the first time, either. There’s a lot that can change (it’s one of the reasons budgeting software can help you out)

Always set aside money for taxes

Even if you don’t think you’ll owe any taxes, set some money aside – a good rule of thumb is about 30% of your revenue if you don’t have an accurate tax estimation yet. That way you won’t be hit with any tax surprises.

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how to budget tip: don't forget taxes
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Separate personal and business expenses

Unless the expense is part of the business budget – for instance executive travel for work – no personal expenses should make their way onto business budgets. This is especially important for small business owners or solopreneurs. It’s so easy to fall into the trap of combining them, but it gets messy for tax purposes if you do this.

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