2020 was a year of uncertainty and working from home in PJ’s, but none the less 2021 is here with a fresh start for your business. Having a budget forecast for your business can add ease and confidence to your business going into the new year.
Forecasting is the process of predicting and projecting the expected outcomes and financial situations in a business, this includes projecting income and expenses, cash flow and/or balance sheet perspective based on predicted conditions. There are two benefits of a budget forecast; one being a preparation for your actual business budget; two can be used as a “what if” tool to help with decision making down the track.
Want to get ahead of next year to make sure your business is ready for anything? Book an appointment at Your Biz where we can walk and talk you through the process of a budget forecast.
(Birrer, A. (2020, July 7). How to Set Up Business Forecasting & Budgeting for the 2021 Financial Year. Big Business Advisers. https://www.blgba.com.au/insights/how-to-set-up-business-forecasting-budgeting-for-the-2021-financial-year)