The key elements of a successful budgeting model include changing the purpose of planning and budgeting to help senior management forecast, command, and control. This involves forecasting precisely what the company must do to deliver stable earnings per share (EPS) trends. Another element is shifting the focus from financial precision to strategic success. This can be achieved by turning the targeted outcomes into strategic portfolio guidelines that drive the budgeting and adaptation process. Lastly, planning faster and more frequently is crucial. If budgets are inflexible and a crucial forecast can't be adjusted, it can lead to excessive stress over budget accuracy.
Simplify the process of budget creation with our Budgeting Model template. This template includes ex...
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