By Steven M. Bragg,Edwin Burton
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Extra info for Accounting and Finance for Your Small Business
A final point is that the budget should address any changes in the type of customer to whom sales will be made. If an entirely new type of customer will be added to the range of sales targets during the budget period, then the revenue budget should reflect a gradual ramp-up that will be required for sales staff members to work through the sales cycle of the new customers. Once all of these factors have been combined to create a preliminary revenue budget, the sales staff members should also compare the budgeted sales level per person to the actual sales level that has been experienced in the recent past to see if the company has the existing capability to make the budgeted sales.
Capital budgeting is useful as a decision tool. qxd 11/28/05 1:37 PM Page 42 SECTION Preparing to Operate the Business I values, internal rates of return, and payback periods. These calculations are fairly simple and can be done using the forms provided in the appendix to this chapter. Some inexpensive calculators can do most of the calculations with ease. The critical work is the gathering of the information necessary to make the capital budgeting process more understandable and useful to the business.
The necessary elements to be considered for this decision are: • Expected costs and their timing • The flow of anticipated benefits • The time over which those funds will flow • The risk involved in the realization of those benefits Each of these elements has distinct characteristics associated with a company’s management philosophy. qxd 11/28/05 1:37 PM Page 40 SECTION Preparing to Operate the Business I business opportunities for the use of scarce investment dollars. In this chapter, we look at the capital budgeting process as part of a cycle, not as an isolated exercise.