Creating an effective budget can be a daunting task. It is more than crunching a bunch of numbers and presenting them to management for approval. Without a financial budget, the business owner is literally shooting in the dark. Businesses need a plan in order to make effective decisions and coordinate the decisions and actions.
In fact, getting the right amount of financing can create positive chain effects to the business. The business will enjoy lower financing cost, execute effective business expansion plans and be able to allocate precise amount of funds where needed.
Through this coaching session, you will be able to:
- Appreciate the strategic planning process and how these are translated into financial plans and budgets
- Understand the basic principles of budget preparation and control and the importance in planning and monitoring
- Build various budgets forecast +/- 10% accuracy
- Understand the importance of ownership in the budget process
- Identify risks of budget and forecast – pitfalls to watch for plan and forecast
- Communicate with management and finance function more effectively and confidently
- Strategic Planning Process – relationship between business plans, financial plans, marketing plans, operations plans, management plan and budget
- Set budget goals and objectives
- Planning and forecasting methodology depending on the stage of maturity of your business
- Budgeting roadmap