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All companies do some type of planning. Global multinationals typically have detailed written plans, while smaller companies may have a "plan" in the head of the entrepreneur. Budgets are the essence of a successful plan, and any business can and should operate according to a budget – whether you’re making widgets or providing professional services.
Unfortunately, lawyers too often tend to dismiss the importance or even the practicality of preparing a budget. Typically there are three reasons for this:
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