Budgeting
Stage I Budget development
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- Preparation of a program of actions
- Determining the goals of the company
- Identifying critical budget limiting factors
- Drawing up a sales budget as a basis for creating other sub-budgets
- Preparing sub-budgets in different variants and selecting the optimal one
- Negotiating budgets with directors of specific areas and their approval
- Scenario analysis
Stage II Budget implementation
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- Translating budgets into actions – budget implementation and coordination of activities
Stage III Control of budget execution
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- Control of budget execution
- Determining deviations and their causes
- Taking corrective actions