First thing is that what is this budget planning? It is nothing but to plan all your expenses properly to get profits in the company. Budget planning includes initial expenses, fixed expenses, variable expenses and a lot more. Fixed expenses are like lease, machinery,etc., Variable expenses are those which can vary with the time like payrolls, inventory cost etc. Main thing is to remember about break even when your are preparing budget.
Of all the things, Startups should plan their budget properly . Funding plays a key role in the Startups. A properly planned budget can always increase the chance of funding and there by profits . The fact that you concentrated on your budget planning and on your idea gives a positive edge compared to others with just an idea. Budget planning helps you to explain the investors how the business can spend resources in order to achieve goals.
Budget planning looks simple and most of us will have a perception that the easiest way to start a company with 2 or 3 people, get projects and start working on them . When it comes out of the paper and our thoughts, it is the toughest job of all the other things in the organization. Here we come across all the real organizational situations where we were unable to handle those situations with out experience . Here we have to take care of all the small things and includes a lot like maintenance, power bills,phone bills, transportation and more and more.
What I feel is that in reality planning a budget for a home itself is a tough job and if you think about a company which has to grow and it has to beat its competitors in the world would be even more tougher.