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Home»Business»How do you plan your business expenses when you have a tight budget?
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How do you plan your business expenses when you have a tight budget?

Jack AndersonBy Jack AndersonDecember 7, 2022Updated:December 7, 2022No Comments2 Mins Read
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Thousands of Polish entrepreneurs are looking for an answer to the title question. Micro-business owners, who rely on small margins and find it difficult to accumulate a large budget for investments or necessary purchases, are in a particularly difficult position. This requires detailed expenditure planning, and you will find some tips in our guide.

Divide your expenses by scale of importance

You can do this in Excel or simply on a piece of paper. It is important that you write down your planned expenses for, say, a year ahead, determine their cost and sort them from most important to least important. Visualising the situation for yourself in this way will make it easier for you to manage your finances and manage your business budget sensibly.

Distinguish between capital expenditure and mere whimsy

This is a skill that you acquire over time. Every entrepreneur feels tempted at times to make a gift for himself or herself and justifies it with the supposed needs of the company. Why pretend? If you are dreaming of a new leased car, admit frankly that this is a superfluous expense and should go to the bottom of your list of priorities.

Earmark part of your profits for future expenditure

A good way to plan and realise expenses, especially the most important ones, is to accumulate funds with them in mind. You can make an agreement with yourself that, for example, you allocate 20% of your monthly profit to an investment fund. Determine the rate at which you need to accumulate savings so that you can complete your investment plans in a reasonable amount of time.

Try to spend money on what can be your deductible expense

This is an old rule of thumb that any experienced entrepreneur will share with you. Only expenditure that fits into the idea of tax optimisation, i.e. that has a tangible financial benefit, makes sense. Of course, it is not about bending the rules, but about managing company funds in such a way that you give as little as possible to the Tax Office.

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Jack Anderson
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I am a business and tech enthusiast with a passion for writing about these subjects. I have always been fascinated by the intersection of technology and business and enjoy exploring and analyzing the ways in which they impact each other.

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