{"id":28297,"date":"2020-11-20T16:20:00","date_gmt":"2020-11-20T23:20:00","guid":{"rendered":"https:\/\/paladinpointofsale.com\/retailscience\/home\/?p=28297"},"modified":"2025-09-22T15:16:29","modified_gmt":"2025-09-22T22:16:29","slug":"four-simple-steps-to-creating-a-small-business-budget","status":"publish","type":"post","link":"https:\/\/paladinpointofsale.com\/retailscience\/home\/four-simple-steps-to-creating-a-small-business-budget\/","title":{"rendered":"Simple Steps to Creating a Small Business Budget"},"content":{"rendered":"

[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ background_color=”rgba(0,0,0,0.29)” global_colors_info=”{}”][et_pb_fullwidth_post_title meta=”off” featured_placement=”background” _builder_version=”4.16″ title_font=”|700||on|||||” title_text_color=”#ffffff” title_font_size=”30px” background_color=”rgba(0,0,0,0.15)” background_image=”https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2020\/11\/RS-BudgetingWeb.jpg” background_blend=”color” vertical_offset_tablet=”0″ horizontal_offset_tablet=”0″ text_orientation=”center” custom_padding=”15%||15%” z_index_tablet=”0″ title_text_shadow_horizontal_length_tablet=”0px” title_text_shadow_vertical_length_tablet=”0px” title_text_shadow_blur_strength_tablet=”1px” meta_text_shadow_horizontal_length_tablet=”0px” meta_text_shadow_vertical_length_tablet=”0px” meta_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” text_shadow_style=”preset2″ parallax_effect=”on” module_bg_color=”rgba(255,255,255,0)” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”0px|0px|18.95px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Intro” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” vertical_offset_tablet=”0″ horizontal_offset_tablet=”0″ z_index_tablet=”0″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]A study from a few years ago revealed a shocking fact<\/span>\u00a0about small businesses<\/span>:\u00a0<\/span>Most of<\/span>\u00a0<\/span>them don\u2019t bother to develop\u00a0<\/span>a working budget. The study<\/a>, from\u00a0<\/span>the marketing research firm Clutch, surveyed 302\u00a0<\/span>people\u00a0<\/span>who had owned or managed a small business between one and five years. It showed 61% of them didn\u2019t create a\u00a0<\/span>small business\u00a0<\/span>budget in 2018.<\/span>\u00a0<\/span><\/p>\n

That revelation explains why, according to the Bureau of Labor Statistics, that 20% of new businesses fail within the first two years, 45%\u00a0<\/span>go belly up in the first five years, and 65% can\u2019t make it to 10 years.\u00a0<\/span>Over the past five years,\u00a0<\/span>close to 750,000 new businesses were started annually. Th<\/span>is<\/span>\u00a0means approximately 150,000 of those don\u2019t make it past two years<\/span>.\u00a0<\/span>It also\u00a0<\/span>demonstrates\u00a0<\/span>how important little things like\u00a0<\/span>a\u00a0<\/span>small business budget<\/span>\u00a0<\/span>can be.<\/span>\u00a0<\/span><\/p>\n

\u201cHaving a budget keeps everyone working toward the same goals and helps scale your business<\/span>,<\/span>\u201d<\/span>\u00a0says Wanda Medina, CEO of\u00a0Maventri, a Washington D.C.-based accounting, marketing and support firm.<\/span>\u00a0<\/span>
\n[\/et_pb_text][et_pb_text admin_label=”Reasons to Budget ” _builder_version=”4.18.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” vertical_offset_tablet=”0″ horizontal_offset_tablet=”0″ hover_enabled=”0″ z_index_tablet=”0″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

\"AReasons to Budget<\/span><\/span>\u00a0<\/span><\/h2>\n

\u200bIt\u2019s a no-brainer to come up with reasons why small business budgets are a good idea.<\/span>\u00a0They start with the age-old axiom:\u00a0<\/span>\u201cFailure to plan is planning to fail.\u201d<\/span>\u00a0<\/span><\/p>\n