Business planning is the pioneer of any business! how do you manage that for your startup? and where most of your budget goes?
When operating a business, your budget will need to be created to account for fixed and variable costs. Fixed costs include your rent, utilities, phone/ Internet, accountant, legal fees, technology, salaries, advertising & marketing. Variable costs include the costs of goods sold and labor costs/ commissions.
Before opening a business, you should make a strategy. This gives a big benefit to your business.
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Budgeting is a process whereby future income and expenditure are decided in order to streamline the expenditure process. Budgeting is done in order to keep track of the expenditures and income. It serves as a monitoring and controlling method in order to manage the finances of a business.