Written by Drew Adams

Have you ever wondered how a business monthly budget works? Have you realized that you need to a budget for your business, but don’t know where to start? We’ve got you covered! In this blog I’ll walk you through the things you need to be doing right now for your business budget. It starts with taking a long look at your current state of affairs. How is your budget, or lack thereof, looking? Then, you’ll want to analyze your spending, finding trends and patterns along the way. Finally, we’ll discuss setting up the business monthly budget template you need to level up your business finance game.

Why listen to me? I’ve helped multiple entrepreneurs and individuals organize their finances to make those dollars work for them and their businesses. I believe that the process I outline below, along with our free template, can take you from where you are to where you want to be.

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Take A Look At Your Process (or Lack Thereof!) for Your Business Monthly Budget

Do you have a process for your business monthly budget? It’s ok if you don’t! Having a repeatable process is key to staying on top of your business finances. Start with identifying all of your accounts and credit cards and how they’re used. Then get an idea of what your business’ average monthly income looks like. This info will be helpful as you take those next steps. Remember, you can start this process no matter where you are in your business financial journey. What matters is that you jump in!

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Analyze Your Spending for Your Business Monthly Budget

Now that you have all your accounts listed and your income tallied, let’s look at expenses. You can use your credit card statements for this, but you can also use apps like QuickBooks or Co-Pilot to review monthly spending. Both statements and apps will usually break down your spending by category. This breakdown is extremely helpful to determine what categories you might need to pull back on, or ramp up! This exercise will also show you how much you’re being paid and what percentage of the total spend your salary is. By using an app like QuickBooks and analyzing your spending every month, you can help your business by accurately forecasting expenses before they even happen!

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Use A Business Monthly Budget Template

Consistent use of a business monthly budget template is critical for your business to operate effectively. It’s easy to get started! Using our monthly budget template, you can accurately plan finances for your business as far out into the future as you want. Doing back of the napkin math is fine occasionally, but truly committing to sitting down and budgeting is a commitment that will change your business for good. Now, I know your first thought—you have so little time, so how could I possibly expect you to do this too? Trust me: this will save you more time and headaches in the future. Click here to access our Business Monthly Budget Template Freebie and take your business budgeting to the next level!

If you are like me, taking a critical look at my processes can be a humbling experience. But wow, does it help when I can change a process for the better by making small, incremental changes. To learn more, check out our podcast or download our Business Monthly Budget Template Freebie.