Seven ways businesses can make their annual budget work harder by Gary Chown, Director of NatWest Commercial Banking
Whether you’re juggling the numbers as a small start-up or a medium/large enterprise turning over millions, budgeting is never easy. And with the financial year-end approaching, identifying conclusions and trends from this current year’s spending can help mitigate problems in 2014-15.
Taking time to look at where your company has overspent, wasted money or not invested enough is crucial. In a nutshell:
- Calculate current costs and forecast future costs
- Where should you invest?
- Wasting time? Then you’re wasting money
Have a clear view of every number Ian Preston, VP of Sales for UK and Ireland at financial software platform Adaptive Insights, believes SMEs must first and foremost ensure they have accurate figures to hand when planning out their budgets for the next year.