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Business Financial Strategy: Budgeting Errors to Avoid When developing your business financial strategy, it is essential to create a budget that realistically estimates your company’s spend. In these calculations, consider common budgeting errors to avoid so you can ensure your strategy aligns with your overall goals to help your business succeed. Budgeting Errors to Avoid When Creating Your Business Financial Strategy Underestimating Costs: Every business has incidental costs that don't always make it into the budget. Don't forget to plan for additional expenses like equipment maintenance. Forgetting About Tax Obligations: Remember to budget and set aside money for taxes owed to state, local, and federal entities. Assumptions About Cash Flow: The revenue reported in your books doesn't always equate to cash in hand. Consider this so you don’t spend money you don't have. Not Adjusting Your Budget: Update your forecasted expenditures when new circumstances arise within your business. Set aside time to compare budget estimates against the amount you spent and adjust your budget accordingly. Develop a Successful Business Financial Strategy Today The team at CB Smith & Associates will help you build the top-tier business financial strategy you need to achieve your professional goals.