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“Planning is bringing the future into the present.” – Alan Lakein

Small business operation implies relatively limited budgets. If you’re a small-business owner, you should save up money wherever you can.

Small Business Concerns

As a business owner, you should have a thoroughly-designed budget plan so to successfully track and manage your finances. This is especially important in those cases when you face unexpected business expenses.

According to a 2015 survey held by small-business credit provider Headway Capital, 57% of small-business owners expected growth, and 19% were worried about the impact that unexpected expenses could bring to their business.

Sometimes it may be difficult to get approved for a business loan from your merchant account provider. An ACH business loan provider like First American Merchant might be the right option., a reputable payment processor in the field, offers ACH business loan options like ACH “Bank Only” Program. So if you’re running a high-risk business, consider turning to FAM to get ACH business loans for your own business needs.

Useful Tips To Budget Your Small Business

Below you can find helpful tips to use for your small-business budgeting.

  1. Figure Out Your Risks

Every business venture involves risks that have a financial impact on the company. Managing director of Headway Capital Paul Cho believes small-business owners need to determine their long-term and short-term risks so to make future financial plans, like insurance needs and emergency planning, accurately.

  1. Budget Over Your Expenses

When operating on a project-to-project basis, it is difficult to predict when you can have extra expenses that will be over your budget. As James Ontra, CEO of presentation management company Shufflrr, says, you should budget above the expected line-item costs so to be prepared.

  1. Focus On Your Sales Cycle

Businesses may experience both slow and busy periods. Accounting your expenses during these periods is of immense significance. Cho advises making plans based your slow period analysis. This will help you be more creative and market to your consumers in new ways.

  1. Plan Your Large Purchases

You can face large business expenses at the time when you least anticipate them. So you should carefully time and budget your planned expenses (new software systems, store renovations, etc.). Up-to-date budgets and data-driven financial projections will help you figure out if it’s time to make large investments in your business or not.

  1. Time Vs. Money

Your time should be incorporated into a budget plan. As Ontra says, your time is your money. External deadlines should be set later than the time your project is to complete.

  1. Revise Your Budget Regularly

Budgets change and evolve along with businesses. Cho advises revising your budget monthly and annually. Constant revision will help you better understand your financial situation and make    better financial decisions. Market trends from the previous year can also be taken into consideration.

With a clearer image of your budgetary needs, you can plan your costs and expenses more accurately.