The Little Black Book of Budgets and Forecasts (The little by Michael C. Thomsett
By Michael C. Thomsett
Thomsett outlines a particular strategy for getting ready and utilizing budgets and forecasts that saves managers time and corporations cash. Will turn out to be a priceless source in furthering the manager's personal occupation.
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Additional info for The Little Black Book of Budgets and Forecasts (The little black book series)
Sample text
If actual income falls behind the forecast, why? Was the forecast too aggressive, too unrealistic? Were key factors left out, such as an allowance for attrition among the existing sales force? If so, the assumption must be changed. But if the assumption is realistic, then the corrective action is to suggest monthly volume goals on the regional and individual levels. Work Project 1. Printing expenses in your department are running 18% above budget. Identify three possible causes of the problem. 2.
Because rather than dealing with the problem, everyone was busy pointing the finger at someone else. When management places too much pressure on employees to explain a problem, it creates an opportunity for responses like those in the offset printing company. If the emphasis is placed on blame, solutions will be elusive. The emphasis should be on solving the problem, whatever it is, rather than on finding out who made a mistake. Budgets can also be used as weapons in internal political conflicts.
Page 18 A Common Attitude an Enlightened Point of View One point of view is that budgeting is merely a bureaucratic process with little or no value. In many organizations, this is true, but only because the budgeting process is incomplete. There's another way to view budgets. They exist and are justified because organizations can, in fact, use them to reach goals and minimize expenses, to anticipate and plan for periods when operating capital is low, and to build consistent profits. " Example: A financial services company devised a budget to expand its market from 14 to 47 states within one year.