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23: Budgeting and Forecasting: The Pillars of Business Success with Ellie Murdoch
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Plagued by endless questions surrounding budgeting and forecasting? You’ve come to the right place! In this information-packed episode, Sally Preston and Ellie Murdoch delve into the importance of budgeting and forecasting for small businesses. As April marks the time when you should start work on setting your budget for the 2025 financial year, they share invaluable tips and strategies to help you create an effective budget and forecast for your business.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- Why budgeting is crucial for setting goals, making informed decisions, and ensuring accountability (2:17)
- How to start budgeting: Understanding your business drivers, cash flow nature, and involving your team (8:55)
- Budgeting for profitability: Revenue projections, expense analysis, and managing recurring and variable costs (10:21)
- The importance of the balance sheet and assessing the true value of your assets and liabilities (16:10)
- Forecasting cash flow: Creating a three-way forecast (P&L, balance sheet, and cash flow) and scenario planning (21:48)
Remember, budgets provide a roadmap for measuring success, enabling better decision-making, and promoting accountability. Make it a point to involve your team in the budgeting process to gain valuable insights and foster a sense of ownership.
Overall, Sally and Ellie offer practical advice and real-world examples to help you master budgeting and forecasting, essential pillars for achieving long-term business success.
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