Study: Just Over Half of Small Businesses Keep a Budget

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Budgeting for Profit
Coming into her shop as a co-owner with no prior business experience, Kathryn van der Pol had to figure out the numbers.
May 17, 2021—A new study of small businesses gleaned new information on the financing habits of business owners around the country, according to a press release. 

In a report from Clutch, a business-to-business research, ratings, and review firm, found 54 percent of small businesses have a documented budget in 2021. The data reveals that most businesses do have budgets, but that the smallest businesses are more likely to go without them.

The study also found 35 percent of companies spent more than what they budgeted, while 19 percent spent less. The remaining 44 percent spent about what they planned.

"Without a budget, you have no measuring stick to evaluate your goals and performance," says Donna Conte, service area leader for accounting services at Warren Averett, a full-service accounting and advisory firm. "A budget is part of developing a business and its growth goals."

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