Solid business management is key to running any small business, and no business can be properly managed without an organized budget. Just the word “budget” alone can be enough to send chills down your spine, but crafting a budget is absolutely doable with the right business budget template.

In this piece, we will give you some brief insight into coming up with that perfect budget as well as provide five budget templates for you to take full advantage of.

Comparison Table

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Business Template

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microsoft Office

Microsoft Office Templates

You have probably used Microsoft Office before, but maybe you did not realize that it came with such a variety of business budget templates.

Capterra Template

Capterra Template

Capterra’s budgeting tool for Excel allows you to create your monthly budget and annual budget, while also letting you compare your actual numbers to your budget’s numbers.

google sheets templates

Google Sheets Templates

scotts marketplace

Scott’s Marketplace

Scott’s Marketplace is a blog for small business owners, and like Capterra, it offers an Excel-based template as well.
smartsheet

Smartsheet

Whether you are a service-based or a goods-based business, Smartsheet provides separate sheets for you to efficiently create your budget plan.

5 Budget Business Templates

Microsoft Office Templates

Capterra Template

Google Sheets Templates

Scott’s Marketplace

Smartsheet

A quick Google search will turn up dozens of easy-to-use budget templates, but here are just five that we highly recommend utilizing.

office

Microsoft Office Templates

You have probably used Microsoft Office before, but maybe you did not realize that it came with such a variety of business budget templates. Its wide selection of charts and graphs is perfect for keeping that budget as visually appealing as possible.

capterra-logo-240x240-72dpi-27401016ed79dc7eeb2026e3defb12b0a699c550307bf2e1a055b6c5edc3aa22

Capterra Template

Capterra’s budgeting tool for Excel allows you to create your monthly budget and annual budget, while also letting you compare your actual numbers to your budget’s numbers. The template’s overview sheet function is also a great way for you to quickly look over your budget’s performance. Capterra offers step-by-step instructions, which is certainly an added bonus.

sheets

Google Sheets Templates

Much like with Microsoft, you will find that you have budget templates right at your fingertips with Google Sheets. Go to your Google Sheets, click on Google’s Template Gallery, and you will have a host of easy-to-use templates to choose from. After you enter you budget figures, you can check out the Summary tab, which will give you a look at your income and expenses through various tables and graphs.

Scott’s Marketplace

Scott’s Marketplace is a blog for small business owners, and like Capterra, it offers an Excel-based template as well. Its Budget Detail tab provides a number of categories and subcategories that will give you insight into where your money is actually going. So you are not too overwhelmed by the budgeting process, this template also provides extensive instructions to help guide you through.

Smartsheet

Whether you are a service-based or a goods-based business, Smartsheet provides separate sheets for you to efficiently create your budget plan. This template also breaks down income and expenses so that you can see exactly where your money is going.


Creating Your Business Budget Plan

Once you have a business budget template picked out, you are now ready to actually compile your plan. If you have never formulated a business budget plan before and do not even know where to start, the Small Business Administration has a list of items that your plan should include. When going about this process, it is a good idea to follow a few basic steps.

First, you should gather important financial information from past years of your business, such as sales, revenue, and production expenses. If you are running a completely new business, look at the numbers of businesses that are most similar to yours.

Next, you should realistically estimate your sales. Consider the different outside contributing factors when making these estimations. Did you just roll out a new product? Did you have to close down one or several branch offices? Is there a certain time of year when sales numbers are particularly low? During this step, you should also set feasible profit goals.

You will also want to determine fixed costs (costs that have nothing to do with sales such as rent and utilities), variable costs (sales-related costs such as production expenses and materials), and semi-variable costs (costs that may or may not depend on sales such as wages and marketing fees).

Calculating your profit margins is another important step, which you can achieve by subtracting your costs of goods sold and other expenses such as office materials, equipment, and shipping from your expected sales.

Be sure to adjust your budget accordingly so that your estimates are matching up with your actual numbers. If you find that you are consistently not making a profit, you will want to be proactive in your changes. Try cutting down on production costs or consider hiring more qualified salespeople or maybe there is a new distribution channel that you could be using more to your benefit. Creating a business budget is a process of trial and error, and the worst thing you can do is to not consistently be thinking of ways to improve it.

Building That Business Budget Does Not Have To Be Complicated

With the right template and the proper approach, the budget process does not have to be a complicated one. So long as you are creating realistic goals for yourself and paying special attention to the numbers, you will be on the right path to creating effective budgets year after year.


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