Small Business Budgeting Simplified: How to Create a Budget for Your Small Business

Рет қаралды 101,146

Күн бұрын

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You can’t manage a small business without a budget.
So today, I’m going to simplify small business budgeting and help you get started. By the end of this episode, I promise you that you will have a clear understanding of where to start with your budget and how to get started.
As a licensed CPA and founder of multiple companies, I am going to show you how we create budgets for businesses we own and for our clients.
Outline:
Intro: (0:00)
Risks of Not Budgeting: (1:28)
What is Small Business Budgeting: (3:33)
Benefits of Small Business Budgets: (4:08)
How to Create a Budget for Small Businesses: (6:54)
Small Business Budgeting Summary: (11:39)
Watch Next: How to Create a Budget for Your Small Business • How to Create a Budget...
Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: lyfeaccounting.com/coming-soon/
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 105

@LYFEAccounting 2 жыл бұрын

If you enjoyed this video, check out the 2022 version here: kzfaq.info/get/bejne/m5liitp_u7fSYGw.html

@jonipetty6081 2 жыл бұрын

Hi...I'm 22, making not less than$ 3,000 in 2 weeks from my investment in financial market. I've been looking forward to starting a business and this is very helpful. Thank you.

@coga4822 2 жыл бұрын

Financial market is very profitable but it requires experience and expertise. You must be a pro.

@waynedrury2372 2 жыл бұрын

Can you teach me how to invest in financial market?

@jonipetty6081 2 жыл бұрын

@@coga4822 I'm not a professional and i don't trade by myself either. My trader handles all my trading activities while i monitor the progress.

@truthlevi2693 2 жыл бұрын

@@jonipetty6081 which of the markets do you trade?

@jonipetty6081 2 жыл бұрын

@@truthlevi2693 my portfolio is diversified into various market sectors. Stocks, forex and ETFs.

@nickharbaugh 3 жыл бұрын

Wow. I was so stressed today about creating a budget. This is amazing man. Thank you so much.

@LYFEAccounting 3 жыл бұрын

Glad this video helped you so much. You're very welcome!

@tracyblessed5312 3 жыл бұрын

Do you the new client? I have cpa questions.

@gabrielsong6124 3 жыл бұрын

I watched the introduction and i subscribed. Your enthusiasm is great! Continue your great Work!

@LYFEAccounting 3 жыл бұрын

That means a lot, thank you

@kylerolle5050 2 жыл бұрын

you know exactly what you're talking about. This will help anyone make sense of their business sales. you can apply this to a regular paycheck also the principle of it all tracks every dollar and eliminates not losing or not knowing how you're gonna spend every dollar.

@Idrockthat 2 жыл бұрын

Super solid video! Just what I needed.

@amosscindian1463 3 жыл бұрын

New to your page .. thanks for the information am 23 and looking to open my 3rd business atm in planning my biggest problem is budgeting myself I know how to make money and even if I fail at times it don’t bother me ..what bothers me is not knowing where all my money keep going looking forward for more of your videos

@ProfitCashGrowth Жыл бұрын

I think its game changing when business owners plan their financial goals, and then monitor them weekly. This really helps drive performance by getting focus on the ultimate goal, of making profit and cash! This really helped me clarify my message in my latest video, thanks!

@zumbawithyasmin1 2 жыл бұрын

I absolutely loved your explanation - you are the first person who really helped my light bulb go off in my brain about truely what a budget is all about - Thank you.

@LYFEAccounting 2 жыл бұрын

Glad I could help!

@catherinew.v.6275 3 жыл бұрын

Great stuff, where have you been all my business life? So simple to understand and it totally demystified the dreaded budget hideous (for me) subject. Thank you Sherman!

@LYFEAccounting 3 жыл бұрын

Happy to help & thanks for watching! What kind of business do you have?

@HeardFurball852 3 жыл бұрын

Thank you I also am a kid and needed help for my business.

@ChrissGlam Жыл бұрын

This was great! Extremely detailed 🎉❤

@MoneyWithMark69 2 жыл бұрын

LOVE This video Sherman!!!

@olusegunadeyekun 2 жыл бұрын

Thanks man. This is really helpful.

@wraptonic 3 жыл бұрын

omg thats a lot of info, im gonna have to watch this again lol. great video guys thank you (:

@LYFEAccounting 3 жыл бұрын

Hope it blesses you!!

@KeranSmith 3 жыл бұрын

Really appreciate the simple steps you gave to create a budget.

@LYFEAccounting 3 жыл бұрын

Thanks!

@PracticeYourSpeech Жыл бұрын

Great informational, step by step video! I'm gonna work on my budget today!

@toribirdliving6649 3 жыл бұрын

Wow this was SO HELPFUL!! Definitely subscribing. Thank you!!

@LYFEAccounting 3 жыл бұрын

Ohhhh it only gets better from here! Thanks for watching and subscribing. - Sherman

@rabio22 6 ай бұрын

Budgeting is very importat and this is a great video. Thanks!

@KiaShayJ Жыл бұрын

Great tips ! Thank you!

@janeg.journals7602 2 жыл бұрын

Thank you for this content! 😊👏🏻

@FantasyIslandGirl 3 жыл бұрын

Well you are an absolute treasure! 🙌🏾

@CreativeBusinessAcademy 3 жыл бұрын

Fellow CPA here! Love the channel and video!

@LYFEAccounting 3 жыл бұрын

Awesome! Thank you!

@zumbawithyasmin1 2 жыл бұрын

I loved it so much that I have now subscribed to your channel. Thank you

@LYFEAccounting 2 жыл бұрын

Thanks for subbing!

@bryanjackson67 2 жыл бұрын

Thanks for the vid sir!

@peruanaza 3 жыл бұрын

Who said accounting isn’t exciting?? You guys are awesome. Thank you so much for such valuable information and for presenting it in such simple to understand manner. Great summaries as well. I’m sure your videos are helping a tremendous amount of people with their small businesses. Learning how to take control of your business makes this exciting. Subscribed! Thanks again! Greetings from Perú🇵🇪 !

@LYFEAccounting 3 жыл бұрын

Exactly!! Thanks for your feedback! Glad you liked it :)

@youmayberight2434 3 жыл бұрын

Thanks Sherman. Great information!

@LYFEAccounting 3 жыл бұрын

Glad you enjoyed it!

@youmayberight2434 3 жыл бұрын

@@LYFEAccounting Thank you.

@lyricsworldwide7112 3 жыл бұрын

Thank you for the information.

@LYFEAccounting 3 жыл бұрын

Any time!

@emanuellopez5306 3 жыл бұрын

Thanks for the info man. Subscribed.

@LYFEAccounting 3 жыл бұрын

Thanks for the sub! What kind of business do you run?

@emanuellopez5306 3 жыл бұрын

@@LYFEAccounting It’s a work in progress but it’s logistics related.

@RP-ld9oz 3 жыл бұрын

Great information. Very clear and understandable.

@LYFEAccounting 3 жыл бұрын

Thanks! Do you run a small business?

@RP-ld9oz 3 жыл бұрын

Yes, I have an ATM business.

@anthonycooper8223 2 жыл бұрын

Like the information provided in the video

@HealthandBeautyAP 2 жыл бұрын

I have now watched a few videos because I want to get serious about my finances in my business. This was the only helpful video with practical information. I will say though you might want to just tell people what kpi stands for. As business owners we are not all savvy with accounting terms.

@mlbb011594 5 ай бұрын

Thank you

@MinyetteB 6 ай бұрын

Mannnm thank you 🙏🏿 ❤😊😊

@WeTubeInc 3 жыл бұрын

dude, you save my life 💖

@LYFEAccounting 3 жыл бұрын

Wow thats so great to hear

@xomorgo 2 жыл бұрын

wow! are there any templates available online for this kind of budget tracking and management

@legendarylaura Жыл бұрын

Yes pay yourself! Great advice

@laurenwood_tips 11 ай бұрын

thank you!

@rdmatthewselectrical3512 3 жыл бұрын

Great info! The sounds were a little too loud, though (chirps, rings. Etc). Thanks for offering this info!

@LYFEAccounting 3 жыл бұрын

Noted!

@THEBLKYOGI Жыл бұрын

I am here in 2023 and this video is truly helping. Thank you!

@JennieKim-nk2bb Жыл бұрын

A very good video

@elnorebarnett8185 2 жыл бұрын

Thank you.

@LYFEAccounting 2 жыл бұрын

You're welcome! Do you currently run a small business?

@ayrique2531 3 жыл бұрын

Thank you so much.are these allocations coming from Profit or gross sales

@LYFEAccounting 3 жыл бұрын

Which ones?

@alexiscook607 3 жыл бұрын

This is a great video. Do you have any advice on what percentages should be maintained for expenses? Example, I get excited when I learn about new technology and I want to purchase and sometimes I do. But I notice that it cuts into my profit. Any tips on “buy or not buy” even when you can afford it?

@alexiscook607 3 жыл бұрын

I just saw the percentages in your video. I suppose I should watch the entire video before I ask questions. Great job. Thanks.

@LYFEAccounting 3 жыл бұрын

No problem. Glad you found the answer!

@HausofAnabelBlack 3 жыл бұрын

I tried reaching out to you guys says you aren’t taking any new clients at the moment 😩 is that really the case? I need help

@teo_x4327 Жыл бұрын

6:08 correct me if i am wrong but debt is tax free so basically if you use debt correctly u can live tax free and with the money u got u can invest them into ur business