Keeping track of expenses as a business owner can be taxing. You need to document every detail to make sure you stay within your spending limits while promoting your products or services, keeping your promises, and developing new offerings.
A business budget spreadsheet can help you stay organized.
Having a template to work from will reduce the time it takes to write down the details of a budget, help you prioritize projects and allocate resources to complete them, and reveal trends in the money you spend versus the results. obtained.
Depending on the complexity of your business, you may need to oversee a number of individual budgets while managing overall expenses. The business budget worksheets below range from specific templates – from product marketing to website redesign – to comprehensive templates that cover all aspects of your marketing plan.
Let’s dive in so you can control your budget like never before.
How to write a business budget
1. Use budget templates
Creating a business budget from scratch can be overwhelming – you have to enter details of each month’s projected budget, actual expenses, and running total for each.
If you’ve never written a business budget or are looking for a specific marketing worksheet, you can start with HubSpot Marketing Budget Templates. This download includes eight well-designed and detailed templates to easily manage your finances, with options for Microsoft Excel or Google Sheets. A quick overview explains how to use each template so that you can easily start filling in your own information.
2. Define your strategy and goals
To get the most out of your budget, you need to know the goals you want to achieve and the strategy to achieve them. If you are working to generate more sales (a goal) and plan to improve your website to attract leads (the strategy), you will need to invest funds in the redesign project.
Check out these strategic planning models it can help you define your long-term goals if your business is just starting out. This way, your budget will reflect the financial resources needed to achieve your goals.
3. Gather the numbers
Every business has different needs, so no budget will be exactly the same. A branding and creative budget, for example, will have very different line elements than a website redesign budget.
Whatever budget you put in place, you will need all the relevant expenses for a complete overview. Here are the basic numbers you might want to include:
- Revenue projections: Take into account your historical financial performance and your projected growth income.
- Fixed cost projections: Costs that don’t change (i.e., employee compensation, office rent, business software, insurance, and utilities).
- Variable cost projections: Costs that may change from month to month (i.e. overtime pay, procurement costs, or software that varies by usage).
- Annual project expenses: The cumulative costs of implementing all of your business goals for the year.
- Individual project expenses: The costs associated with each project, which should be tracked in individual budget worksheets.
- Target profit margin: A ratio that reveals how much money a business earns. Knowing your bottom line – and including it in your budget – is a useful reminder of what you hope to achieve during the year, and a good benchmark when analyzing your monthly financial trends.
Depending on the budget, you can also include cash, inventory, accounts receivable, net fixed assets, or long-term debt.
How to manage a business budget
No budget is an island. All businesses are impacted by poorly managed budgets, especially a small business just starting out.
When your budget is just one piece of the puzzle, you’ll likely need to get it approved by a manager or executive team before you spend any money. If you’re running a business on your own or with a small team, it’s a good idea to find a trusted colleague or financial expert to review your numbers. They may be able to point out areas in which to reduce costs, reallocate funds, or create larger profit margins.
Want to make sure you’re on the right track? Calculate how much you should set aside for one marketing budget that meets your goals.
Once you’ve got your budget in place, it’s not enough to just check it once a year. You should review it monthly (at a minimum) to make sure your spending isn’t out of control. Once you’ve set your annual budget, review it at the start and end of each month. If you like to be in the know, you can even set a time to review it mid-month to make sure everything is on track.
When a new project appears, just add it to your existing business budget spreadsheet and adjust the overall expenses. The same applies if you end up abandoning a project. Business priorities are constantly changing and your budget must adapt to the changes.
Business Budget Worksheets for Small Businesses
You’ve gone through past financial records, made future projections, mapped out your upcoming projects, and have all the information you need to build a well-balanced budget. Now is the time to choose the best business budget worksheet for your goals. Fortunately, all of these options make it easy for you to take control of your finances.
HubSpot Marketing Budget Templates
If you want a spreadsheet for every marketing niche, HubSpot is here for you. One download gives you access to eight budget templates: a master marketing card, product marketing, content, paid advertising, public relations, branding and design, website redesign, and events.
Budget templates for small businesses
Simplicity is the theme of these business budget worksheets from Smartsheet. Each Excel template is free to download, with options for multiple products, business expenses, startups, and more.
Business expense model
Need a neat business spending budget? Microsoft Office has you covered with this well-designed Excel template that outlines costs for employees, marketing, office space, travel, and training. Just fill in the blanks and send it for approval.
Annual budget template
For a simple overview of how your income and expenses have changed from year to year, this Excel template from Quickbooks is all you need.
Independent budget models
Self-employment often means combining personal and business expenses. That’s why these Business Load Excel templates include revenue projections alongside personal costs. You can even budget what you will contribute to taxes, your 401k, and emergency fund in one sheet, because you probably have more than enough to manage.
Example of a business budget worksheet
Personally, I’d rather endure the monotony of writing lines than spend all day organizing numbers on a blank spreadsheet. But having an example to work from makes it easier to ensure that everything is on the right track. If you share that mindset, here’s a filled example of a business budget spreadsheet to get you started.
The example shows the budget needed for a website redesign project, with each expense categorized to keep it organized and easy to read. You can see where the budget went over (UX testing) and where the savings were made (CMS software).
Setting up your own business budget using these templates is so quick and easy that you can have your numbers in order in no time. The sooner you start, the better off your budget (and your business) will be in the months and years to come.