A budgeting model can be adapted to different departments within a company by changing the purpose of planning and budgeting. Instead of focusing on financial precision, the focus should be shifted to strategic success. This can be achieved by turning the targeted outcomes into strategic portfolio guidelines that drive the budgeting and adaptation process. This will spark discussions that allocate resources from the strategy down, rather than from individual projects up. Additionally, planning should be done faster and more frequently to allow for adjustments and reduce stress over budget accuracy.
Simplify the process of budget creation with our Budgeting Model template. This template includes ex...
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