Page 185 - Budgeting for Managers

11

Small Business

Money

Management

Some would rather be a big fish in a small pond than a
small fish in a big pond.
—folk saying
any managers who have run departments think they’re
M ready to go out on their own and launch a business. 10
years ago, I thought so. And I did—I launched a business and
it’s done very well for 10 years. But, looking back, I would say
that I’ve had to learn an awful lot about budgeting and about
management to be able to do it. Eight out of 10 new businesses
fail in the first three years; good money management and budg-
eting skills are crucial to success. So, if you’ve understood
everything in this book so far and you think you are ready—
read on. I’ll share what I’ve learned in the last 10 years to make
your road a bit easier.
Every new business—in fact, every business—needs a busi-
ness plan. Many people think that a business plan is used most-
ly to get investors—venture capitalists—to give you money.
Actually, that’s not the most important function of a business

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