What are the four steps in preparing a business budget?

The four steps in preparing a business budget are:

1. Set Objectives: Define clear financial goals and priorities for the budgeting period, aligning them with the overall business strategy.
2. Gather Financial Data: Collect historical financial data, current revenue streams, and anticipated expenses to inform the budgeting process.
3. Create the Budget: Develop a detailed budget that outlines expected income and expenses, considering fixed and variable costs as well as cash flow projections.
4. Monitor and Adjust: Regularly review actual performance against the budget, making adjustments as necessary to address variances and ensure financial goals are met.