A startup budget provides a road map to help you navigate the day-to-day expenses and project future needs for financing. You can make informed financial decisions with the right information in front of you. In fact, it is arguably the most important thing you can do when starting a new business.
Here are other reasons you should hire a knowledgeable consultant to put together an accurate budget:
Gives you an idea of when to hire new people.
Provides real-time data to help you avoid over-borrowing or failing to borrow money in time.
Estimates your break-even point more precisely as you adjust your budget and financial plan.
Predicts cash flow issues so you can expedite funding.
Generates financial statements for lenders and investors.
It’s important to supplement your annual budget with quarterly forecasts that set new projections based on new information. A Ravix Group consultant can help you do that!