Fall Means it’s Time for Budget Planning for Your Pet Business
As we enter the final quarter of 2021, it’s time for budget planning for your pet business. Getting a head start will help you make all the key decisions about your business and set your business up for success.
We are BIG proponents that a budget is the best financial tool for your business. It is key to planning a salary increase for YOU as the owner, plus planning for maintenance and repairs, possible price increases and wage increases for your team.
Creating a budget does not have to be overwhelming and our advice is to focus on making progress and not perfection. Creating a budget is like so many other skills, the more you practice the better you get at it.
If you have never had a budget for your pet business then start by focusing on the following key items in your profit and loss report:
- Forecasting revenue by service provided
- Payroll
- Facility costs
- Advertising and Marketing expenses
Your budget is not just a tool that you create and forget. The key benefit of your budget comes during 2022 when you compare your actual profit and loss results to your budget. You have a benchmark to analyze why items may be higher or lower than projected. You also have data and knowledge that you can take action and make changes to ensure your budgeted profit for the year is achieved or exceeded.
Be sure to watch our video where we provide tips on getting started with budgeting and how to ensure your budget is your key business tool throughout 2022.
