Over the years, it has been discovered that one major mistake made by business owners is their inattentiveness to planning. Many of them do not see the need to have a detailed plan. This is actually the genesis of their problem, which later leads to the downfall of those firms. Firms, which have come to understand this fact always, make their business plan the number one thing they try to achieve. While planning for the business, you have to do the number one thing which is budget planning. This is no doubt the foundation upon which every business should be built.
After doing all that. You should identify where you are having money both cash and cheque and also consider incoming revenue. The total revenue would then be compared with the amount of money that would be needed to take care of expenses. You will then be able to allocate the incoming revenue to the different business activities and other things would follow as well. You can see that this is really an essential part of business planning that must not be taken for granted. If you must do well in business, you have to master the act of planning your business.