Time to Rework Budgeting and Save Months!
Does your Annual Budgeting cycle take months? Is it redundant before the year starts?
Jeremy Hope and Robin Fraser in their seminal book Beyond Budgeting were some of the initial authors to question the validity of the annual plan because it takes too long, is too costly, is dysfunctional and not dynamic. What’s more it is redundant before the year even starts!
If that sounds like your company, then this article will get you thinking about alternatives to this cumbersome process that increase the relevance of planning, increase engagement with the business and decrease the time and cost to complete.
In this first of a series of three articles on Corporate Planning, David Parmenter builds on the concepts developed in Beyond Budgeting with practical insights. He covers:
- how far out your detailed focus should be,
- changes in the way budget holders are funded
- a suggested planning calendar with diminishing levels of granularity as the planning horizon gets longer
David has worked with a large number of global companies to transform their finance function and secure the benefits of a LEAN methodology. His strategies for reinventing annual planning have the potential to literally save you months of wasted management time.
To read the full article, please click here.
Lastast week there was an error in the link that a number of people tried to follow for what was David’s final webinar. Thus we are running an additional webinar on Wednesday 18 February at 10am Sydney time. In this webinar David will cover 10 lean tips (including five tips that will help you speed up month-end processing) Please click here to register for the free webinar on Wednesday 18 January.
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