With small startups come generally small budgets. New owners have to learn a few tricks of the trade to ensure lucrative beginnings.

In an article featured on Business News Daily’s website titled, “6 Smart Budgeting Tips for Small Business Owners,” Nicole Fallon Taylor, assistant editor, offers insight to new business owners working with limited finances.

“Whether you bootstrapped your business or are trying to pay back loans you took out to cover your startup costs, it’s in your best interest to conserve money wherever you can,” writes Taylor in the article. “Without a thorough budget plan, however, it can be difficult to track and manage your finances. This is especially true for any unexpected business expenses that may come up, as they often do.”

In the article, Taylor reports that in 2015 Headway Capital, a small business credit provider, conducted a survey which found that despite 57 percent of small business owners anticipating growth for 2015, about 19 percent were concerned about the possibility of unexpected expenses impacting their businesses.

If you want to keep your business operating in the black, you’ll need to account for both fixed and unplanned costs, and then create — and stick to — a solid budget,” continues Taylor.

In the article, Taylor shares advice from experts to help small business owners manage their small budgets:

  • Define risks. Every business venture will face a certain degree of risk, which in turn could have the potential for financial impact. According to Paul Cho, managing director of Headway Capital, small business owners need to consider the long- and short-term risks to more accurately plan their finances.
  • Overestimate expenses. Budget slightly over your projected costs to ensure a little extra cushion in your wallet—especially if you are planning projected related to your business. Every project needed for your business might not have the same result. Try to stay prepared for the “what-ifs” as much as you can so you aren’t unprepared for the hit to the budget.
  • Pay attention to sales. Many businesses, especially car care businesses, go through busy and slow periods over the course of the year. If your business has an “off-season,” make sure to account for your expenses during this time frame. Cho suggests in the article to use the slower periods to think of ways to plan ahead for the next boom in sales.
  • Plan for large purchases. Large business expenses can occur when you least expect the too — this is especially true for the car care industry when it comes to unexpected maintenance issues or necessary equipment upgrades/replacements. However for the expected expenses, such as software system upgrades and store renovations, plan ahead. Make sure to plan for time and the budget to avoid going over.
  • Time is money. “One of the biggest mistakes small businesses make is forgetting to incorporate their time into a budget plan,” asserts Taylor in the article. Make sure to schedule the critical time for customer feedback to better run your business to suit the wants and needs of your customers. Treat your time like your money, suggested James Ontra, CEO of presentation management company Shufflrr, in the article.
  • Revisit the budget. A business’ budget will never be consistent. It will change and evolve alongside the business. Make sure to adjust your budget based on your business’ growth and profit patterns. Cho recommends in the article to revise monthly and annual budgets regularly to maintain a clear, updated picture of your business’ finances.

Read the entire article on smart budgeting here.