Budgeting and Forecasting? Do I have to?
The What As a business owner, you probably are familiar with these two words: budgeting and forecasting. But what do they mean? Budgeting involves creating a detailed plan for income and expenses over a specific period, such as a month, quarter, or year. A budget typically includes projected revenue, costs, and expenses, broken down into specific categories such as salaries, rent, utilities, and supplies. Forecasting involves predicting future business performance, such as revenue growth, market trends,