Here’s an interesting statistic to think today. A new survey from Clutch has just been published which reveals that around 60% of small businesses didn’t have an official documented budget for 2018. This is in stark contrast to those businesses with 10 employees or more, where almost 80% created an annual budget. The data from the Clutch survey shows that growing companies understand the importance of creating a budget, while many small businesses still don’t have a full appreciation of the benefits of having an official budget. The survey suggests that entrepreneurs should create a budget if they don’t want to risk the financial health of their businesses. The added bonus is that budgeting helps small businesses focus and achieve their goals. For example, in 2018, 50% of the small businesses who had a budget stuck to their Q1 and Q2 targets, while 11% actually came under budget. The report recommends setting clear budget goals at the beginning of the business year and keeping an eye on those goals. It also recommends reviewing the business finances and spending every thirty days instead of quarterly. The longer the gap between each review, the higher the chances of the business going over the budget.