2022 is over, so it’s time to get your 2023 budget in shape. While creating an annual budget can be daunting, a recent article in Floral Management magazine lays out how to streamline the process to make it much simpler. In doing so, you can maximize your profits in the coming year.
In the article, financial expert Paul Goodman says, “Most people envision a budget as a large spreadsheet of numbers that projects revenue and helps you look at every expense to figure out how much you will spend each month in the coming year. That is a formidable task. It can be much, much easier.”
Costs vs. Profits
The article recommends targeting profit as 10% of sales. While your expenses can cover so many things, the three categories that take up most of those expenses are facilities (10%), cost of goods sold (30-35%), and payroll (30-35%).
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