A business budget is key to running a profitable small business. A budget takes a bit of time to set up and calculate but is important for financial management and business growth. With the right template, this process can easier and faster than you might imagine. We’ve researched the financial information needed to create a budget along with free templates available for download. Read on for comprehensive information you need to know.
The SBA website has the best description of a business budget that we’ve read:
“In its simplest form, a budget is a detailed plan of future receipts and expenditures.”
A small business budget should:
A budget gives you control by putting you in the driver’s seat. Review your next quarter’s budget to anticipate ups and downs so you can determine when to purchase inventory or hire. It’s also a helpful way to schedule marketing initiatives to spark growth.
Why go it alone when you can take advantage of existing templates? We’ve researched various kinds of budges and the best way to track. Below are several free downloads you can use from Capterra, Google and accounting pro Seth David.
Killer Small Business Budget Template
Fundera features a business budget template designed by Seth David. David provides consulting and training services in Accounting and productivity based software. Read the full article (linked above) and watch the video for clear and detailed information about how to use the template.
Capterra Free Small Business Budget Template
This site gives the following scenario:
“Imagine going into a month having no idea what you were going to spend or how much money you were going to make. Maybe you’re spending five nights at the Ritz, but maybe you’re eating Taco Bell for dinner every night. If you’re interested in having money in your bank account at the end of the month, you might want to start thinking ahead.”
Google Sheets
This Google template is simple to access and easy to follow. The Annual Business Budget is great for those small business owners just dipping their toe into the budgeting waters.
Once you’ve solidified your small business budget, you might have determined that low-cost funds benefit your business. Your best bet is to consider a low-cost SBA loan that can be used for working capital, high interest debt refinance, real estate purchases and more.