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How can I create a budget for my business?
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Creating a budget for your business is an important step in ensuring financial stability. You should start by determining your expected income for the year, then calculate your projected expenses for the same period. Consider generating a spreadsheet to track your income and expenses, and to project cash flow. Be sure to leave room for unexpected expenses and adjust your budget accordingly. Establish a savings account for the business, should you come in under budget or unexpectedly earn more. Finally, establish a timeline for reviewing your budget to ensure that it remains up to date and reflective of your current financial situation.