In my first budget season, I made several trips by private plane across the Midwest to gather sales opinions from managers and district managers. The process was arduous, and the entire budget work took more than three months to complete. The manpower required to complete the work was immeasurable.
In two months, all that work was obsolete. Even in small businesses, the budget process is wasteful when a far better approach exists.
However, there may be a few instances where the company culture requires a command-and-control mentality. If so, here are three critical requirements to ensure departmental budgets will work in your business. I’ll wrap up with the far superior approach to financial management (especially if the business is in growth mode with a strong leadership team).
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