Your 2023 budget: the 10 most important questions

You've already started working on it, haven't you? Your 2023 budget is one of your most important tools for making it a successful year. Below are ten key questions. Having trouble formulating the answer? Then, of course, we are happy to help you.

1. Who are you budgeting for - yourself, the bank or a grant? Think about what information is important in this regard.
2. In addition to your sales forecast, do you record your purchases and cost? Consider your overhead costs and your productive hours budget.
3. Do you set cost based on a cost-% or a cost+ method? Also think about planning purchases and keeping a grip on your inventory.
4. Key the budget when operating results are disappointing? Key carefully! Chances are you will cut yourself in half as soon as it turns out that your key work is actually not feasible. There are other solutions for dealing with this.
5. Is the budget a calculation based on the previous year and thus a financial exercise or is it based on real assumptions and thus a translation of your vision?
6. Do you stick to your original budget throughout the year or does it move with the latest insights about the future during the year? In other words, do you do forecasting?
7. Have you made an investment plan for the coming year?
8. Are you using and showing non-financial figures in your budget that have a substantial impact on the outcome?
9. How often do you make a comparison with the realized numbers so you know if you are still on track?
10. How much time did the new budget take you this year and would automation of this save you a lot of time?

Sources:
Peter Wouters, Expert cash flow planning
The Financial Press
Miscellaneous financial literature

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