If your sales team thinks their goal is to grow sales by 20%, but your budget shows a 30% growth in revenue, you can work together to determine what is reasonable and either increase the sales goals, decrease your budgeted revenue, update pricing, or meet somewhere in the middle. #1 – A budget (that is shared) gets everyone on the same page So, why is it important? Here are three reasons why a budget is important for your business. Budgeting takes time and a lot of mental energy that is hard to drum up sometimes. You wonder, “what’s the point?” Or, you set a budget and always come in over on revenue and under expenses, so you think, “I can do this without a budget”. Maybe you set a budget at the beginning of the year and never hit any of the numbers. However, many don’t know why it’s important. ![]() ![]() Entrepreneurs are often told that a budget is an important tool to use in managing their business.
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