Why do companies need budgets?

Why do companies need budgets?
Companies need budgets for several reasons. Some of them are:
1) To plan for the future expenditure
2) To Plan for new ventures or expansion
3) To decide if there will be a need to borrow more money for operations
4) It also helps achieve different types of goals
5) To make sure that money is being spent efficiently
6) to cut down unnecessary expenditures