In the first of a two part series, Peter Cox* provides some tips on business planning. Here he discusses one method of setting the sales target - the bottom line budgeting approach.The financial term for planning is budgeting. It is 2014, but I am still staggered at hearing the following on my travels through the industry, 'yes we do a budget, we just add on 5% from last year', 'the bank makes me do it', 'why budget, I do not control the competition', or how about my favourite, 'I do have a budget, it is set by head office'.
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