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III. Managing Your Business > 18. Budgeting and Planning

Chapter 18. Budgeting and Planning

As you’ve no doubt noticed in business and in life, the activities that cost money almost always seem to outnumber those that bring money in. If you run your own business just as a hobby, maybe you don’t need to plan ahead or use a budget. But most companies want to make money and most nonprofits want to do the most with the funds they have, so budgeting and planning are essential business activities.

Like any kind of plan, a budget is an estimate of what’s going to happen. You’ll never ever produce exactly the numbers you estimate in your budget. And, if you do, someone’s playing games with your books. But comparing your actual performance to your budget can tell you that it’s time to crack the whip on the sales team, rein in your spending, or both.


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