The two things any business needs to continue operations and sustain itself is a good budget and thoughtful reinvestment. If these things are missing or aren’t balanced, it can be disaster when challenges strike - think “pandemic.” These resources will help you begin formulating or revising your budget and help you determine how to reinvest into your business so that it becomes and remains financially healthy.
Budgeting & Reinvestment Resources
Bank of America defines a budget as “a spending plan based on your business’ income and expenses. It shows your available capital, estimates spending and assists in predicting revenue.”
Budgeting Resources
Your business should be paid, just like you. It also needs funds beyond just paying its debts and purchases. Having the extra cash helps you weather through challenges, make necessary decisions, and more. There are many ways to reinvest in your business, but make sure it also has cash-on-hand - just in case.
Reinvestment Resources