A budget is an estimate of an organization’s income and expenses, which it sets over a future period to set goals and targets. Budgets are a valuable control and comparison tool when it comes to understanding where to allocate funds.
Budgets are plans based on numbers. Budgets are projections of what an organization hopes to achieve in the future. Typical budgets include:
Budgeting is a source of competitive advantage. It requires thorough planning, realistic research, and collaboration. Strategic planning can be useful for setting high goals or moving a business. However, depending on the culture and ambition of an organization, the amount of ‘stretch’ in a budget will vary. For a higher return, some businesses are prepared to accept a higher risk profile. It will also depend on the influence of key stakeholders, such as shareholders.
Preparation meets the opportunity to produce success. When you have a focused budget and forecast that meet your needs, you invite success and opportunity to knock on your door. To obtain assistance with the development of your budgetary needs, please contact JS Advisory!
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