As the pandemic reaches its anniversary, it is old news that the last 12 months have been the most unpredictable of our business lives.
As we emerge, core planning activities still need to provide direction of the road ahead.
So how are you feeling about creating your budget for the next 12 months? Is your process robust? Do your managers have the skills to input effectively?
In more stable times, many organisations commit to budgets whilst being worried they’ll stand up to reality. A safety-first approach of laying small gains or efficiencies against the previous year’s performance is unlikely to work this time around.
How hard are you and your colleagues prepared to challenge existing assumptions to make sure that the year ahead is one that can be faced with confidence?
Has your organisation got the data and the headspace to start-over and question all the assumptions and rollovers that are holding you back?
It may be easy to blame the pandemic for reality parting company from your budget, but is this fair?
Budgets quickly diverge from reality when compiled without asking the difficult questions and with input from those who don’t have the required level of understanding.
How will changes to employment levels, consumer sentiment, business failures and government restrictions impact the year ahead for your business?
For many organisations heightened levels of uncertainty generate a need to plan base case, optimistic and survival scenarios.
If you are worried about whether your teams have the skills to budget effectively, or confused about where to start, help is at hand with Pitman Training’s range of workshops for professionals and non-financial managers alike.
For an exploratory conversation to explore whether we can help, please get in touch.