From the course: Finance for Non-Financial Managers (2015)
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Review of the budgeting steps
From the course: Finance for Non-Financial Managers (2015)
Review of the budgeting steps
- Let's review the steps associated with a simple budging process. Step one, write your budget down. I like the quote, "A goal unwritten is just a wish." If our budget isn't in writing, we might as well just cross our fingers, close our eyes, and hope for the best. Step two, identify those areas for which you are responsible and which you control. It's not fair and that means generally that it's not good business to have someone be accountable and answerable for something over which they have no control. Step three is to quantify expected results. This is the budget or the plan. Those quantities may be in dollars as was the case with the price per board foot in our example or they may be in units as was the case with the number of board feet to be purchased. A budget is not necessarily about money, it is about responsibility. If you are responsible for the money, then your budget should reflect the money. If you are…
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