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Business is pretty good. You want to keep the cash flow and profits healthy, move to larger premises, and employ some extra staff. Keeping to a budget will be essential to support your plans to expand.

There's some excellent information to assist with business budgeting at business.vic.gov.au/money-profit-and-accounting/financial-management-set-up/checklist-financial-management.

In business, if you have some goals in mind, the way to achieve them is with a budget. A budget is a simple financial plan to identify expenses and revenue. The key is knowing where your money goes each month, and understanding the difference between needs (like rent and wages) and wants (like the latest equipment or new web site).

Start a budget using a spreadsheet or use an accounting program like MYOB or XERO. Your budget should be realistic and flexible so you can stick to it, but adaptable if your business situation changes. Focusing on your budget keeps your business plan on track.

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