We are in the third edition of the discussions in this series on financial management for small businesses. Last week we focused on the issue of setting up a business bank account. Today we advance to creating and maintaining a business budget.
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For the purposes of delineating the scope of what a business budget should be for a small business, just see it as proposed financial requirement in terms of cost of production and sales or cost of services delivery within a definite period, matched with forecast income and expectations for the same period.