A budget is a document that projects a business’s future sales, costs, profits and cash flow. It’s a vital business planning tool. Without a budget, it will be difficult for you to know how well (or poorly) your business is doing. 

Business budgets help you:

• Project start-up costs if you’re starting a new business
• Determine how much money you need to earn to break even and earn a profit
• Estimate your business’s cash flow so you know whether you can meet expenses and fund new projects
• Work out what changes you need to make to have a profitable business by comparing budgeted vs actual performance
• Predict slow months so you can plan for them
• Identify leftover funds you can reinvest
• Obtain a business loan from a bank or other from a financial institution, or equity funding from investors

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