Senior Manager, Financial Advisory at Deloitte Ghana, Dennis Brown, has advised businesses to consider the country’s macro-economic indicators before drafting a budget.
According to him, this is to ensure sustainability and ensure continuity of the business in times of economic downturn.
Speaking on the Market Place on the JoyNews Channel, Mr. Brown said it is important for businesses to make their budgets in tangent with their income sources and the economic situation of the country.
“Look at the general macro economy. It is not everything that you can control and there are things that you can spend money on. Prices will go up and you can’t do anything about it, so it is important to appreciate what is going on in the economy and factor that when budgeting”, he said.
He also urged businesses to identify their assets and liabilities in order to tailor expenses in ways that would prevent budget overruns.
He further mentioned that a good budget will help businesses to navigate risks and adjust to changes in the market.
Mr. Brown stressed that budgeting plays a critical role in enhancing the performance of businesses.
He also called on businesses to manage their expenses well in order to steer the businesses on to a path of growth.
The Joy Business Advisory Series continues on Market Place and Business Live on Joy News at 2pm and 5pm.
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