On a Budget Budgeting is your most powerful business tool--learn how to use it.

For many startup business owners, there are so many financial fires to put out in a given week that it's hard to find the time to do any short- or long-term financial planning. But by failing to plan financially, you may be unknowingly planning to fail.

Business budgeting is one of the most powerful financial tools available to you. Put simply, maintaining a good short- and long-term financial plan lets you control your cash flow instead of having it control you.

The most effective financial budget includes both a short-term month-to-month plan for at least a calendar year and a long-term plan that covers a period of at least three years (some go up to five years) by quarter.