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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Jun 21, 2021

In episode 364 of Financially Simple, Justin provides a quick guide to creating a budget for your business.

According to Small Business Genius, half of all small businesses don't have an official, written operating budget to record their expenses. Many times those business owners who begin maintaining a budget, begin to see more profit because their business account is no longer a blank check for spending. In this episode, Justin goes over a four-step plan for creating and maintaining a budget for your small business. 

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00:43 - Four Easy Steps to Creating a Small Business Budget

03:15 - Some Facts

06:08 - Have Separate Accounting  Software

06:57 - Profit and Loss

09:12 - Adjust the Historical to Reflect the Future

11:32 - Program the Budgeting Tool

12:09 - Summary

13:53 - Wrap Up



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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.