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The Annual Budget: Financing Your Plans

Once management has decided on a business plan that sets company goals for the next year, they need to determine (a) if they can afford to achieve those goals, (b) if the plan will make a profit for the company, and (c) if the plan will meet the goals set by management. Those questions are best answered by converting the operating plan’s goals and actions into dollars and cents, then breaking down the plans into chunks that can be evaluated and managed during daily operations. That’s the purpose of the annual budget. The annual budget is the estim...

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Thoughtful, well-constructed budgets can enable you and your team to meet, and perhaps exceed, your goals. See how to plan and establish a sound budget.