This is a small checklist designed to get you thinking, after completing the Calxa Express Quick Start Wizard. For more information on the Quick Start Wizard please refer to our help note - Calxa Express - Get Started with the Quick Start Wizard.

When you have completed the Quick Start Wizard it is important that you review your budget. The wizard gives you a good starting point but it can’t include all the possible variations to your business over the coming months and years. Here is a list of suggestions to help you think of how you could fine-tune your budget – but your accountant, consultant or business advisor will have more. You can print it and mark the points already done.

 

Suggestion Checked
Look at your business plan (whether it’s a written in a thick document or on the back of an envelope or just exists in your head, think about where your business is going).  
What will change in your income next year? Are you planning to increase it? Will external factors cause it to decrease?  
Do you have marketing plans that you expect will change your income?  
If your income changes, what will be the effect on Cost of Goods Sold? Are your input costs changing?  
What effect will changing income levels have on your wage costs?  
Will you be purchasing any equipment or other assets in the next year or two?  
Will you need to borrow any money?  
Your budget has been based on last year’s actual results. Were there one-off events that were included in last year’s accounts that shouldn’t be carried forward?  
Is there anything happening or anticipated in the economy (locally, nationally or globally) that will affect your income or your costs?  
Is there any legislation expected that will change your revenue or costs?  
Is there anything your competitors are doing that will affect your sales? Have you taken this into account? Will there be any impact on your costs?  

 

Once you’ve completed your budget it’s always a good idea to have it reviewed by someone else. Ideally it should be someone knowledgeable about your business, such as your accountant or business consultant, but sometimes just explaining it to someone who has no experience with your business can help you spot problems. The intention with your budget should be to produce a reasonable estimate of what will happen in your business. It will be your guide to the future.