Budgetingby John Kind
Make sure that you discuss and agree on a process that will allow you to discuss your actual results against budget once the new budget period starts. You will need to analyse your team’s financial performance regularly. For example, at a monthly team meeting called, specifically, to
- Review your team’s results
- Discuss and agree on any corrective actions that will help to ensure that, for the rest of the budget period, your performance will be as close to budget as possible.
This monitoring process is part of what is sometimes called the ‘budgetary control’ process (see the diagram below).