An alarming number of startups fail simply because they don’t recognize the severity of their financial depletion until recovery is beyond reach.
Consistent examination of your budget and cash flow keeps you informed about your company’s financial health and whether your financial trends are positive.
Here are three key advantages of conducting regular budget analyses.
Budget analysis aids in maintaining flexibility, allowing for adjustments during the financial period to keep aligned with your goals.
Consider, for instance, conducting a budget analysis at the close of the first quarter and discovering your advertising costs were 12% over budget.
You’re now equipped to implement necessary adjustments.
This could involve cutting back spending in this area, or you might choose to maintain the increased expenditure if it can be shown to significantly boost revenue growth.
Further insights can be found in “Best Practices For Budget Analysis.”
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