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Budgeting Tips for Small Business Owners

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1. Stick to your budget:

Not only do you need to stick to your budget, but you need to track your budget against what you actually spend each quarter. It is so important to prevent cost overruns before they occur. In fact, you should ask yourself Why three times, before making a purchase that is not in your budget. Keeping the numbers in your head is easy when you have one project, but not when you have many. Invoicing and accounts payable can easily become overwhelming. If you’re seeing success then add a stretch goal to your budget. A good stretch goal to consider is five percent of your figures.

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