12/30/2023 0 Comments Budget planning and control![]() Getting your budget to support your corporate vision can be easier said than done. Setting Your Budget to Support Your Corporate Strategy Strategic planning and budgeting helps ensure that these two are aligned and is how an organization achieves its vision. It’s also easy to set a plan in place that tries to do everything at once and falls short because of lack of resources. It’s easy to get caught up during the budget process in ensuring that money is allocated for operations and smaller projects that don’t feed into the larger plan. It ensures that the things you need – personnel, investments, equipment, and so forth – are available to get you to wherever you plan on going. Your business budget should guide you in setting up your resources to execute on that vision. A well thought out plan will tell you where you’re going and lay the groundwork for how you’ll get there. Your strategic plan is the vision of where you want your company to go. Why Planning and Budgeting Should be Aligned Aligning planning and budget are crucial to achieving your company’s goals. While they understand that the two are intertwined, it isn’t uncommon for a company’s budget to be set up at odds with its strategy. Unfortunately, some companies lose the connection between planning and budgeting along the way. Budgeting is a critical part of making sure you have what you need to operate and that you intelligently allocate funds for growth. Planning is the first step towards achieving growth for any company.Ĭompanies also have a finite number of resources they can apply to running and growing the organization. Even the smallest business has a vision or plan for the future of the company. Few companies open their doors with the intent of staying the same size, or doing the same thing, for the life of the organization.
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