There are a number of different types of business budgets. One kind of budget that your business may have is an operating budget. Read on to learn what is an operating budget and what to include in yours.
What is an operating budget?
An operating, or operational, budget outlines the funds you need to make your business run efficiently and successfully during a period. It consists of all revenues and expenses your company expects to use for its operations.
Operating budgets typically break down things like fixed and variable costs, revenue, and other expenses.
Like with a regular business budget, many businesses tend to create their new annual operating budget at year-end. That way, they can plan out their budget for the entire year and set financial goals. However, nothing is set in stone. A business may tweak its operating budget throughout the year (e.g., each month) to ensure it’s up-to-date with any operational changes.
Creating an operating budget can be beneficial for your small business. An operational budget can:
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