It may be a mystery, so what exactly is a business budget template? The best budget templates are spreadsheets that are able to be printed and modified by multiple people in different ways. The template can be made and used in excel or other spreadsheet software such as Google Drive. A business budget template can also be a PDF or other file types. I do not recommend using anything other than a Google Drive or Excel spreadsheet, although that is just up to personal opinion. These templates can be utilized on just about any operating system such as Mac, Windows and various Linux distributions. A free excel template can be used for any level of business, whether it’s a moms-and-pops, a medium sized or a larger business.
Let me keep this simple… you NEED a business template, spreadsheet or worksheet. You are missing out on the growth and prosperity of your business if you are not using one. A template will assist you in deciding if you can grow your business. With a properly configured business budget template you can also see if you are able to give yourself or another employee a raise without affecting the business greatly. There could be extra money on the table that doesn’t need to be there but, you would not know it without a good budget template where you can see your facts and figures at a glance. Another benefit is growth. With a template, you can figure out if you’re able to comfortably purchase additional assets. And the greatest reason of all is the survival of your business. It can potentially save you from bankruptcy; don’t let your business fall into the trap of disorder, take the time to track everything with a budget and make sure you add or subtract on a daily or weekly basis.
Here’s one word that you or your employees never want to hear: bankrupt. By not having a business budget template configured, you are letting your business slowly cease to exist. It will be slipping into the red bit-by-bit and before you know it; you’ll be broke with no more money in your accounts. You can prevent over hiring by seeing if you’re truly able to afford more employees. You can also prevent having too much inventory and having too many assets at once. One of the main causes of failure is rapid growth that isn’t sustainable. So in short, without a business budget template, your business can become unstable and you will not make enough money to sustain it, you or your employees and the structure will fall apart. You should never want to hear the words “you are bankrupt”.
With all of this talk, where can you find a business budget template that is suitable for you and your business? I originally found mine online, it worked great and did almost exactly what I wanted it to do. However, as my businesses grew it became apparent that I needed to hire someone to customize it. So there is another option, you could hire someone to make one for you (An option you won’t regret in the future). You can also find great templates that are inexpensive by following some of the links on this site. If you are comfortable using spreadsheets, you should also considering spending some time and create one for yourself. The good thing about creating one is that, you can customize each field to your specific needs and save it. Once it is saved, if needed remotely you can have it on a cloud server so that everyone who needs access can see exactly how the business is going or add information to it at any given time. There are some great tutorials out there to create one suitable for you.
This is great, you now have a business budget template and you are ready to implement it into your workflow. There is only one small issue… you have no idea how to even use it correctly. The best ways to learn how to use a template is to read the instructions that came along with the file. If there is not one, you could find a video on YouTube or learn how to do it yourself or you can ask someone you know who is fluent with the program you have chosen. Once you figure out how to use a budget template, the next step is to update it periodically. This means all of your income and debits should be recorded in a timely manner. If you are very busy, you might consider doing this at the close of business every day. If you fall behind your budgets will be off. Remember to follow the template and get the entries into the correct places or your account balances will be off. To truly get ahead in any business, a good owner needs to know exactly what is going on and have a plan for growth or advancement in the market that he/she is in or even a plan for expanding into other markets that are profitable. A good business plan is only as good as the owner’s business budget template.
Once you get your monthly budget template integrated within the structure of your business, there are some best practices you can follow to use it effectively. The number one tip that I have for you is to not forget about it. This means opening it on a set schedule to remind yourself of what your business goals are and how you’re supposed to reach those future goals. Remember to use it to help aid in decision making! Not all decisions can be guess work; it would be wise to consider the numbers within your template. With that being said, you shouldn’t depend on it entirely. Bill Gates didn’t make Microsoft what it is today by following a free excel budget template. My last tip is to have someone manage it for you if it takes up too much time or your business is growing too large. I’ve had friends who’ve hired virtual accountants to help manage their finances who have had great success. You might find it necessary to hire someone locally to keep better track of your information.
In conclusion, a business budget template is something necessary that every successful business should have. You need a template because it will help you grow your business to reachable goals. You will be growing in small steps, then leaps and bounds by following carefully calculated numbers. Not having a budget template is an unnecessary risk to take, especially for something as important as a business. You can get a template online or you could even hire someone to make a customized one for you. It would take another thousand articles to truly list how much of a benefit my templates have been to me.