| Many Finance Executives at mid-size companies | | | | - Increases organizational alertness |
| feel "trapped in the middle" - bigger but less agile | | | | - Makes deep the operational insight for company |
| as an organization than they were previously, but | | | | as a whole |
| smaller and without the resources of their larger | | | | The role of strategy in a Quality Process |
| competitors. Generally believing, finance | | | | While examining how to make budgeting more |
| executives at mid-size companies have a real and | | | | strategic. The CEO has a strategy or vision for |
| direct opportunity to create positive change in | | | | the business, but how well does the budget |
| their companies by making their budgeting and | | | | reflect it? Quality in this sense is the alignment of |
| planning more effective. | | | | the budget to the company's strategy. All too |
| Bringing to your consideration, Budgeting and | | | | frequently, when we ask companies to connect |
| Planning need some necessary steps: | | | | their strategic objectives to their budget, we find |
| - Shape the budget with company strategy | | | | there are gaps between what senior |
| - Increase the accuracy of forecasting, planning | | | | management sees as its priorities and funding for |
| and budgeting | | | | specific activities because there is no clear link |
| - Improve company ability with effective | | | | between the two. To create these links, the |
| budgeting, planning and review | | | | strategy must be specific. In budget reviews, |
| - Provide better insight to company-wide | | | | business unit managers must demonstrate how |
| performance | | | | their objectives and the funding they need to |
| - Improve the quality of budget process | | | | achieve their objectives (people, advertising, |
| Improving the quality of your Budget Process | | | | capital, materials, etc.) to the corporate strategy. |
| Does your company have a quality budgeting and | | | | Thus, Budget planning accounting professional |
| planning process? | | | | should be highly trained and with the professional |
| A "quality" process is one that: | | | | skills. |
| - Promotes accuracy | | | | |