Creating a Budget
Budget checklist: Steps to create a budget
1.Understand the key objectives & policies for your practice
To be able to create an effective budget, you will first need to identify the key objectives for your practice, so you’re then able to prioritise in the correct areas. Only once this has been established, and you’ve clearly identified your strategic aims and objectives should you then prepare a budget. In addition, you will need to understand the established policies and procedures in terms of finances, so will need to check if there are established procedures for the development of a budget, who decides the general policies and completes the budget forms, who receives and reviews the budget as a whole, and who accepts budgets and suggests revisions. Budget control checklist 2. Identifying contributing factors When it comes to the formation of budgets, it’s prudent to identify key and limiting factors - this may include the competitive environment, sales volume, and predicted customer flow. This enables your budget to be realistic and practical and ensures you consider external factors such as economic conditions and trends that may influence.
Future Practice Owner.
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