One of the most important pieces of advice I received as a budding small business owner was to make every business decision as if I were the head of a well-established company.
Right from the beginning a start-up entrepreneur is under pressure to make multiple decisions on a long list of priorities. How will I pay for product development, equipment and staff? The list seems endless.
A business plan and budget helps to reduce project creep and avoid burning through start-up cash faster than what you had planned. But life is full of surprises. Unexpected events can change your budget priorities.