According to a survey by Clutch, 61% of small businesses didn’t prepare a budget in 2018. The most likely reason behind that is they think their business doesn’t need to have a documented budget. If that makes you think that your own small business doesn’t need one, don’t let it persuade you. Budget planning is an important practice, regardless of the size of your business. Without it a budget, you could mismanage your finances unintentionally. And that badly affects your business in many ways. Budget planning can be quite a headache. But it doesn’t have to be with the help of our Sample Small Business Budget Templates! You’re very much welcome to view them below!
FREE 10+ Sample Small Business Budget in Google Docs | Google Sheets | Excel | MS Word | Numbers | Pages | PDF
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Small Business Budget Sample
What Is a Small Business Budget?
A small business budget is a document that shows what necessary expenses a small business must cover for a period. It could either be for a week, a month, a quarter, or a year. The expenses that it should cover are those that are essential for business operations. It guides small business owners to finance their business needs sufficiently and without overspending.
How to Create a Small Business Budget
As a business owner, you must value the importance of budget planning. Take note that one slip up in managing your finances can be its downfall. That’s how vulnerable small businesses like yours can be. With those said, always take time to formulate a sample budget sheet for small business. It’s one good way to secure your financial assets. Here are a few easy steps to create a small business budget:
Step 1: Calculate Your Business Income
Your business income is also where you should get money for your budget. You need to calculate how much income your business generates regularly. After that, take a certain percentage of it. That’ll be the money that you should use for your weekly budget template or monthly budget template. However, if you’re making a startup budget for a startup business plan, your source of income would be your personal finances.
Step 2: Identify All Business Expenses
List down all the expenses that your business needs. Once you’ve done that, categorize them accordingly, depending on what type of cost they are. And after you’ve categorized them, allocate the amount of money required to purchase them.
Step 3: Make Room for Possible One-Time Expenses
Throughout your business operations, other essential expenses might arise aside from the usual daily expense. So make sure to secure extra finances as a backup. Business budgets must have that in case of emergencies.
Step 4: Add Everything
Once you’ve covered all the expenses and allocated money for each, add them all up. Use a calculator just to be sure. The sum will be the total expense that you should cover for a given period. And, that’s about it. You have your small business budget.
What should I cover in a business budget?
These are the expenses that your business budget should cover:
What are the four techniques of budgeting?
These are the four techniques that you can use for budgeting your small business:
- Zero-based budgeting
- Incremental budgeting
- Value proposition budgeting
- Activity-based budgeting
What are the ways to improve my budgeting ability?
Here’s a quick guide that can help you improve your budgeting ability:
1. Always track your income.
2. Keep tabs of your spending, such as keeping receipts.
3. Always look for the cheapest alternatives without disregarding quality. Be practical and economical.
4. Never drain your finances rock bottom. Save some.
It’s never easy managing finances to keep your business running. But that’s not to say it wouldn’t be smooth sailing. With an effective, well-structured budget, your business will enjoy financial stability. So start your budgeting task now using our example small business budget templates!
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