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Business strategy
Why smaller businesses should engage in budgeting.
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[QUOTE="Leah Kelvin, post: 343804, member: 106815"] Businesses of all sizes, more so the small businesses must have their budgets because it is vital for a number of reasons. It will take into account revenue and expenses and would establish objectives thereby it is one of the essential financial planning tools. Moreover, it also controls expenditure by keeping an eye on costs with a view to preventing over spending. In other words, budgeting helps improve resource allocation thus enabling efficiency in allocation by organizations. With this regard, cash flow management can be said to achieve its best because trade inflows and outflows can be projected thus enhancing optimal cash flows by companies. Besides, budgeting itself could be seen as another way of managing risk since it helps organizations identify and reduce potential financial risks that they may encounter while transacting their business activities. [/QUOTE]
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