If you’re getting ready to create a budget for your business for the coming year, don’t miss this post from Barbara Weltman’s Big Ideas for Small Business blog. She has put together a number of internet resources for businesses to estimate costs like payroll, health benefits, taxes, borrowing, energy costs and more.
For instance, the average pay increase is projected to be 3.3%, health insurance premiums are expected to go up 5%, and gasoline prices are expected to rise only slightly, though global events could change that quickly.
“While projections are only guestimates, you need to factor them into your 2020 budget,” Weltman writes. “Setting up your budget now enables you to make decisions on pricing, salary, and benefits for the coming year, as well as whether to give year-end bonuses for 2019.”