Using a budget planner for your business

Budgets have to be tamed – and that’s where we can help you. You’ve got to have a budget planner that fits your work pattern.

Then you’ll need to think about a budget template that makes it easier to manage your business.

Having a budget planner app keeps you in control when you’re on the go.

How to start a budget planner

For businesses of all sizes and ages, having a well-managed budget planner is absolutely essential to keep yourself afloat.

You must know how much is coming into the business, where your expenses are and plan ahead for those dry spells which can happen to us all.

Using a budget planner and budget planner template helps you manage your cash flow better. Cash flow is basically a way to keep track of money coming into and out of your trade business.

Expect the unexpected when budget planning

The first thing to say about a financial budget planner is that what you put in it shouldn’t be set in stone. You’ll need to keep updating it. After all, your trade business is dynamic – things are changing all the time.

Not only must you keep on top of your finances to manage the day-to-day activities of your business, but you should also budget plan in a way which allows you to plan for the unexpected.

Your budget planner needs to cover things like:

• Machinery or equipment breakdowns
• Vehicles being off the road for repairs or maintenance
• Less working coming in than you expected, especially if your business is seasonal

A financial budget planner can help you keep your head above the water. Being well prepared and understanding how to budget is essential for tackling many of the financial challenges you face.

Budget planning for start-up businesses

It’s essential to keep a paper trail to know where your money is going. Many new companies struggle because they underestimate how much it costs to become operational and have no idea how long it will take to get there.

• Setting up a business is an investment, no matter what trade you are in
• A good starting place is to write down a business plan
• You may need to purchase tools and equipment, vehicles or training
• Then there are monthly outgoings, like business insurance, that can be costly

It’s unrealistic to expect to be at full capacity right away, so having the funds to get things up and running is vital.

When you’re starting out, it’s crucial you know what your budget is and how much you have available to spend.

How to create a budget planner template

Computer-generated templates are also called business spreadsheets. You either love them or hate them. But the fact is that they’re an essential part of organising any business budget.

If you’re unsure of how to put a budget spreadsheet together, this might appear to be quite a daunting task. The good news is that this is far from the case. In fact, with the help of some excellent budget planning templates creating your budget spreadsheet can be simple.

You can use a financial budget planner template for daily, weekly and monthly breakdowns. Keeping a close eye on money coming in and your outgoings puts you in charge.

If you use a computer at home or business then you’re probably already familiar with the Microsoft package of software. This usually includes ways to create a budget planner in Excel.

If you want a free financial budget planner template, then the government has issued a Money Helper Budget Planner that you could use for your business.

Finding a budget app that’s best for your business

Budget planner apps allow you to track your spending on mobile devices as well as desktop computers.

You can choose from lots of products on the market. With most of them, you can probably link your budget planner app to your business bank account.

What to look for in a budget planner app

• Easy to access on mobile devices and desktop devices
• Easy to expand what it does as your business grows
• Easy to use
• Has strong data privacy rules
• Offers a free trial

You can usually download budget planner apps from Google Play and Apple Store. Here are some popular choices:

• Quickbooks
• Freshbooks
• Xero
• Sage

Want to enjoy premium accounting software for less? Become a Checkatrade member to enjoy fantastic savings on the cost of Quickbooks.

Top tips for budget planning

Know your business inside out

Make sure you understand your business and the specific risks involved. What could go wrong can vary hugely from one organisation to the next.

Knowing the situations, you find yourself in can make future budget planning go more smoothly.

Have a clear plan

Having a clear plan set in place is a common oversight many business owners make when calculating their budgets for the year. Know what you need to spend money on and why.

Be realistic

There are certain things we must spend money on and others which aren’t necessities. Although we want to make sure we are turning a profit and not overspending, it’s equally as important not to cut corners.

Don’t invest in inadequate equipment or choose the cheaper insurance category if, when push comes to shove, it’s going to let you down.

Consider what’s necessary

Although we don’t want to be cutting corners, overspending can be just as dangerous. When calculating your budget, make sure to cover any necessities before thinking of any ‘luxuries’.

Having the right tools for the job is essential, whereas having the latest coffee machine in the breakroom is not.

Be flexible

Your budget doesn’t have to be rigid, in fact, quite the opposite. You should be looking to review your budget throughout the year to check that everything is still relevant and up to date.

Be a savvy marketer

Spending money on marketing can quickly become expensive. Find out what your ideal customer is using to find a local trader.

It might be that spending money on print advertisements doesn’t prove viable in your field. Is your target audience looking at websites such as Checkatrade to find a reputable local trader?

Why not look at how we can help you to bring in more business?

Look for useful tools

Don’t feel like you’re alone. There are thousands of business owners in the same boat, but there is also plenty of guidance out there.

Look for financial budget planner templates – like a budget planner in Excel. Also, think about downloading a budget planner app.

Don’t be afraid to ask for help

It may be that you have reached a point where employing somebody to look after your bookkeeping.

Key takeaways

• Look closely at your cash flow and how you want your business to grow before you start your budget planner
• Choose a budget planner template – either on a computer or handwritten, if you prefer – to make sure you cover all your business income and expenditure
• Think about using a budget planner app for use on mobile and desktop devices for quick and easy access to your financial planning
• Ask an accountant or financial advisor for help with your budget planning if you feel overwhelmed by the challenge – or just need some ideas on where to start

DISCLAIMER
This is information – not financial advice or recommendation. The content and materials featured or linked to on this blog are for your information and education only and are not intended to address your particular personal requirements. The information does not constitute financial advice or recommendation and should not be considered as such. Checkatrade website is not regulated by the Financial Conduct Authority (FCA), its authors are not financial advisors, and it is therefore not authorised to offer financial advice.
Always do your own research and seek independent financial advice when required. Any arrangement made between you and any third party named or linked to from the site is at your sole risk and responsibility. Checkatrade blog and its associated writers assume no liability for your actions.

* Terms and conditions do apply, so please see this article for more information