New Business Budgeting

Most know the importance of a budget before venturing into a new business enterprise.

But the problem is if you don’t have real experience running a business, or even if you feel you do, if you don’t have hands-on experience with the financial side of things in a business like the one you are about to enter, it is very easy to miss things.

A budget is a decision tool. It helps you decide –

  • How much capital you need to get started
  • How much working capital you will need to fund the business on an ongoing basis
  • How much you can afford to pay your staff
  • What your product or service pricing needs to be
  • Your break-even point
  • How long you can stay afloat if things aren’t working as well as you hope

So it is vital you cover every possible expense and outgoing and don’t miss a thing.

Because if you don’t get it right, then your decisions will be flawed before you even start.

Of course, we all know a budget is our best prediction of the future, so it rarely if ever will be 100% accurate. But you must do the best you can, and keep it conservative with room to move.

The most common expenses we see new business owners miss include –

  • Variable Outgoings on your Business Premises
  • Managing Agent Fees on your Business Premises Lease
  • Full Award Wage Entitlements
  • Payroll Tax
  • Fringe Benefits Tax
  • Workers Compensation Insurance
  • Income Tax (especially in the second year of operation)

But the biggest one consistently missed is …

  • Sufficient Advertising and Marketing to actually get customers or clients to your door!

Accounting & Tax

What our customers say

Logo for Nigel Dennis & David Lunn

Providing the Financial Sounding Board to Grow a National Business

CapitalQ provides important services for our business by assisting us in relation to a wide range of financial and business growth matters on a consistent and ongoing basis. Specific support has included: implementing easy to read monthly financial management reports; identifying significant tax saving strategies (including an annual saving of nearly $30,000 a year on Payroll Tax); recommending and implementing business changing cloud-based software platforms; and streamlining our internal accounting and bookkeeping processes. This support has meant that CapitalQ has effectively become our financial sounding board so we can make informed strategic decisions about our business. This in turn has allowed us as Directors to focus on expanding our business to a national presence (currently three States and growing).

Nigel Dennis & David Lunn

Co-Founders and Directors of BidWrite (Australia’s Leading Specialist Tendering Consultancy)

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